Amazon leads $700m investment into Rivian

The multinational corporation is leading a new round of investment in the EV startup

Rivian

Amazon has lead a $700 million (£546m) investment into Rivian.

The multinational corporation is leading a new round of investment in the electric vehicle (EV) startup, which will also include participation from existing shareholders.

Rivian will remain an independent company – it says its launch products, the R1T and R1S, will be able to deliver up to 400 miles of range.

The EVs will be produced at the firm’s manufacturing plant in Normal, Illinois, with customer deliveries expected to start in late 2020.

RJ Scaringe, Rivian Founder and CEO, said: “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.”

Jeff Wilke, Amazon CEO Worldwide Consumer, said: “We’re inspired by Rivian’s vision for the future of electric transportation.

“RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”

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