Rivian Confirms $700M Investment Round Led by Amazon for Electric Truck, SUV Production
The new influx of cash pushes the automaker's total money raised past the billion-dollar mark.
Rivian confirmed Friday morning that Amazon is leading an equity investment round of $700 million. The aspiring EV manufacturer and e-commerce company remained mum on any other details surrounding the hefty investment, only sharing that the seven-figure amount includes participation from existing shareholders of both companies.
Just a few days ago we reported on the rumor that General Motors and Amazon were considering minority stakes in Rivian, but the amounts allegedly discussed hovered around the $1 to $2-billion mark. While today's announcement doesn't mention General Motors, it confirms that the $1 billion amount wasn't far fetched. Furthermore, it leads us to believe that a subsequent round of investments from the American automotive giant or other tech companies could push Rivian's total amount raised deep into the eight figures, considering it's already collected $450 million as of the end of 2018.
"This investment is an important milestone for Rivian and the shift to sustainable mobility," said RJ Scaringe, Rivian Founder and CEO. "Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience. Delivering on this vision requires the right partners, and we are excited to have Amazon with us on our journey to create products, technology and experiences that reset expectations of what is possible."
The Michigan-based electric pickup and SUV maker made waves at the 2018 Los Angeles Auto Show with the unveilings of its R1T electric pickup truck and R1S SUV, both of which target an adventure-loving customer demographic. Rivian promises a driving range of over 400 miles for both vehicles while offering an unmatched combination of performance, utility, and off-road capability.
"We're inspired by Rivian's vision for the future of electric transportation," said Jeff Wilke, Amazon CEO Worldwide Consumer. "RJ has built an impressive organization, with a product portfolio and technology to match. We're thrilled to invest in such an innovative company."
We've reached out to Rivian for comment and will update when we hear back.