To begin, Rivian has announced an equity investment round of $700M. Plus the rumors are true, they are led by Amazon. Therefore, this investment comes on the heels of Rivian’s reveal. The reveal of the all-electric R1T pickup and R1S SUV. This was at the LA Auto Show November 2018.
So starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design. Plus every engineering decision. The company’s launching a few products. First off, the R1T and R1S. Those puppies deliver up to 400+ miles of range. What?! In addition give an unmatched combination of performance. That’s because of off-road ability and utility.
As mentioned before, these trucks use the company’s flexible skateboard platform. More importantly, one that is produced at their manufacturing plant in Normal, Ill. All with customer deliveries expected to start in late 2020.
As we know and without question, this is a crazy good investment. This investment is an important deal for Rivian.
RJ Scaringe, Rivian’s Founder and CEO said, “Beyond simply eliminating compromises that exist around performance, ability and efficiency. We are working to drive innovation across the entire customer experience. Delivering on this vision requires the right partners. So it’s exciting to have Amazon with us on our journey to create products. As well as technology and experiences. All of these reset expectations to 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.”
In conclusion, Rivian will remain an independent company. Amazon is leading the round, which includes participation from existing shareholders. Finally, additional details about this investment are not being disclosed at this time.
Source: Rivian, Feb 15, 2019