Three months after Rivian unveiled two prototypes of their products, the company announced that they were able to get US$700 million in new investments. The added funds came from an investment round that was reportedly led by Amazon. The company also got part of the funds from its existing shareholders. It is not yet clear if GM had joined Amazon's new round of financing, but some are speculating that GM may very well be planning to take a stake in the electric truck startup.
Rivian's founder and CEO, RJ Scaringe, mentioned in a statement that he was excited about the new investments and that it is an important milestone for them and their goal for "sustainable mobility." The CEO also thanked Amazon for being with them on their journey to creating a more sustainable future. A week before the Rivian investment announcement, Amazon also partnered with venture capital firm Sequoia and other investors to take on a stake in the autonomous vehicle tech startup Aurora.
Similar to Google and Apple, Amazon is now making big moves to incorporate electrified and autonomous solutions into its portfolio. Analysts believe that Amazon may be looking for ways to dynamically change its delivery methods, which have so far relied on traditional package delivery systems. Reports have also indicated that Amazon may be planning to integrate Rivian's platform to develop its own autonomous fleet to cater to its global logistics needs. Amazon's worldwide consumer CEO, Jeff Wilke, previously mentioned that he was inspired by Rivian's vision for the future of transport and that they are more than happy to invest in the company.
Rivian previously unveiled their R1T pickup and their R1S sport-utility vehicle at the recently held Los Angeles Auto Show last year. Trucks and SUVs remain to be one of the most popular vehicles with consumers in the United States. The company's new offerings are expected to take on more established truck and SUV manufacturers, such as General Motors and Ford. The company is also becoming a formidable rival to the current leader in electrified vehicles, Tesla.
Rivian previously announced that it will be launching its new pickup truck and SUV in the United States by 2020. Both vehicles will reportedly feature 180-kilowatt-hour battery packs, which is double that of the battery packs found in current Tesla vehicles. The SUV and the pickup truck have been revealed to have a range of up to 400 miles on a single charge. The vehicles' performance will also be very competitive, with the truck having an 11,000-pound towing capacity and a top speed of 125 mph.
