Rivian, the electrical automaker that debuted its first two autos dazzling three months previously, has raised $700 million in a spherical led by Amazon.
The news follows a report earlier this week by Reuters that GM and Amazon were in talks to invest in the electrical automotive company.
“We’re impressed by Rivian’s vision for the style forward for electric transportation,” Amazon CEO Worldwide Consumer Jeff Wilke acknowledged in an announcement. “RJ has built a formidable organization, with a product portfolio and technology to match. We’re extremely satisfied to invest in such an innovative company.”
Rivian says it may well perhaps well remain an honest company. The equity spherical also entails participation from existing shareholders. ALJ is the company’s major investor. Rivian and Amazon are no longer disclosing extra necessary aspects about this investment.
Rivian is a bizarre company that has spent the majority of its existence in the shadows. Founder and CEO RJ Scaringe launched it as Mainstream Motors in 2009. By 2011, the name modified to Rivian and moved out of Florida. This day, the company has bigger than 750 employees split between four pattern areas in the U.S. and an place of work in the U.Enough. The bulk of its employees are in Michigan to be shut to an good automotive provide chain.
The corporate also has operations in San Jose and Irvine, Calif., the put engineers are working on self ample automotive technology. Rivian purchased in 2017 the Customary, Unwell. manufacturing facility the put Mitsubishi in a joint endeavor with Chrysler Corporation called Diamond-Vast name Motors produced the Mitsubishi Eclipse, Plymouth Laser and Dodge Avenger, amongst others.
While Rivian had been packed with life the previous loads of years, its good public note got right here on the LA Auto Point to in November when it revealed its all-electric R1T pickup and R1S SUV. Deliveries of these autos to customers in the U.S., which bid a versatile skateboard platform, are anticipated to originate up in unhurried 2020.