Amazon is leading a $700 million investment in Rivian, a company developing an electric pickup truck and sport utility vehicle.
The investment comes on the heels of Rivian’s reveal of the all-electric R1T pickup and R1S SUV at the LA Auto Show last November.
Considered to be a Tesla Rival in Electric Vehicles, the company has developed its vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, claim to deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility.
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 in a press release has declared that it will remain an independent company and Amazon is leading the round, which includes participation from existing shareholders.
Source: Press Release