Rivian announces $700 million investment round led by Amazon
Rivian announced an equity investment round of $700 million led by Amazon. The investment comes on the heels of Rivian's reveal of the all-electric R1T pickup and R1S SUV.
The company says its launch products, the R1T and R1S, deliver up to 400+ miles of range and are designed to provide a combination of performance, off-road capability, and utility. These vehicles use the company's flexible skateboard platform and will be produced at its manufacturing plant in Normal, IL, with customer deliveries expected to start in late 2020.
"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."
"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."
Rivian will remain an independent company. Amazon is leading the round, which includes participation from existing shareholders. Additional details about this investment are not being disclosed at this time.
The company has also closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. Amazon, Ford Motor Company, and funds managed by BlackRock also participated in the round.
In April of last year, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing its skateboard platform. In September, Cox Automotive announced its $350 million investment in Rivian, complemented by plans to collaborate on logistics and service. In addition to these investments, in late September, the company announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian's platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021.
For more information, visit www.rivian.com.