Amazon leads $700 million investment in electric truck startup Rivian

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Electrical truck startup Rivian introduced on Friday the closing of a $700 million funding spherical led by Amazon.

In a press launch, the Michigan-based firm mentioned present shareholders additionally participated, however didn’t elaborate on which of them nor did it say how a lot Amazon contributed. When reached for remark, an Amazon consultant referred Fox Information Autos to the Rivian launch.

The information comes a day after Amazon pulled the plug on plans for a multibillion headquarters in New York Metropolis attributable to native political opposition.

THE RIVIAN RT1 IS THE AMERICAN-MADE PICKUP OF THE NEAR FUTURE

Rivian had beforehand raised $450 million from a number of sources, together with Abdul Latif Jameel Co., Sumitomo Corp of Americas and Customary Chartered Financial institution. It revealed prototypes for a pickup and an SUV on the Los Angeles Auto Present in November, and plans to construct them at a former Mitsubishi manufacturing unit it owns in Regular, Sick., beginning in 2020. Over 700 folks presently work for the corporate at 5 places within the U.S. and U.Okay.

INTERVIEW WITH RIVIAN CEO R.J. SCARINGE:

Earlier this week, Reuters reported that Common Motors was additionally contemplating taking a stake within the firm, however a Rivian spokesman confirmed on Friday that it’s not.

Final week Amazon took half in a $530 million fundraising spherical for Pittsburgh-based self-driving know-how firm Aurora, and reportedly has an in-house workforce engaged on autonomous programs.

After working in stealth mode for a number of years, Rivian has shortly develop into one of many highest-profile gamers within the electrical automobile phase. Its battery-powered vans promise a Tesla-beating 400 miles of vary, supercar acceleration and Vary Rover-rivalling luxurious at a focused beginning value of $69,000.

It is a creating story. Test again for updates

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