Rivian’s Future Seems Brighter After Securing $700M Investment Led By Amazon

Rivian’s Future Seems Brighter After Securing $700M Investment Led By Amazon

This investment is an important milestone for Rivian and the shift to sustainable mobility.

Rivian showed off its R1T electric pickup truck and R1S electric SUV at the 2018 Los Angeles Auto Show. "We are working to drive innovation across the entire customer experience".

Beyond Amazon's investment, the company did not disclose who else provided funding. When reached for comment, an Amazon representative referred Fox News Autos to the Rivian release.

These vehicles use the company's flexible skateboard platform and will be produced at Rivian's manufacturing plant in Normal, Ill., with customer deliveries expected to start in late 2020.

Rivian said it will remain an independent company, but the investment will no doubt help the new automaker push its planned models into production.

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GM's talks with Rivian about an investment are continuing and any deal would be announced at a later date, people familiar with the talks said on Friday.

This is not the first investment by Amazon into developing vehicle technologies as the company partnered with Sequoia, Lightspeed Venture Partners, Shell Ventures, and others for a stake in Aurora, an autonomous vehicle technology startup company. In recent talks, the carmaker was valued at $1 to $2 billion, according to Bloomberg. Both electric and autonomous vehicles could offer Amazon an environmentally-friendly and efficient way to move from its reliance on the USPS and UPS for package deliveries. He added that Rivian's CEO RJ Scaringe "has built an impressive organization, with a product portfolio and technology to match".

Tesla CEO Elon Musk told investors in August that an electric pickup is "probably my personal favorite for the next product" from the company.

This Amazon-led Rivian funding round likely won't be the EV startup's last, but for now, the automaker is flush with cash and it could be knocking on Tesla's door in 2020 - when it plans to launch its first batch of trucks.

One day after Amazon saved itself untold millions-or more likely billions-of dollars by cancelling its secondary headquarters in Long Island City, Queens, the online retail giant confirmed it was the leading contributor to a $700 million round of investment in 10-year-old electric truck start-up Rivian.

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