Rivian, the maker of all-electric pickups, raised $700M in equity funding.
The round was led by Amazon, with participation from existing shareholders.
Led by RJ Scaringe, Founder and CEO, Rivian is advancing electric vehicles. Its launch products, the R1T and R1S, deliver up to 400+ miles of range providing a combination of performance, off-road capability and utility. These vehicles, which use a flexible skateboard platform, will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to start in late 2020, with introduction to other global geographies starting in 2021.
With a team of more than 750 people, the company has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif; and Surrey, England; along with a 2.6-million-square-foot manufacturing plant in Normal, Ill.
It is now accepting preorders on its R1T and R1S.
Commenting on the investment, 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.”
Following the deal, the company will remain independent.