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US-based electric vehicle start-up Rivian announced today the conclusion of an equity investment round bringing in $700 million, with Amazon the leading investor.
Rivian Cashes In On Amazon’s Interest
The company revealed its all-electric R1T pickup and R1S SUV at last November’s LA Auto Show, prompting interest by GM and Amazon. The R1T and R1S provide up to 400+ miles of range and a combination of performance, off-road capability, and utility with more adventurous customers in mind.
“This investment is an important milestone for Rivian and the shift to sustainable mobility,” said RJ Scaringe, Rivian Founder and CEO.
“Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience. Delivering on this vision requires the right partners, and we are excited to have Amazon with us on our journey to create products, technology and experiences that reset expectations of what is possible.”
SEE ALSO: THIS STARTUP HAS PEOPLE CALLING ITS FOUNDER THE ELON MUSK OF ELECTRIC PICKUP TRUCKS
Rivian will remain independent of Amazon, who is leading this round of investment which included participation from existing shareholders. The company has remained mum on further details about the investment.
“We’re inspired by Rivian’s vision for the future of electric transportation,” said Jeff Wilke, Amazon CEO Worldwide Consumer. “RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”
Rivian: The Tesla of Pickup Trucks and SUVs?
According to a profile of the company’s offerings on Electrek, the R1T is one of the most highly anticipated vehicles to be coming out in the years ahead.
Featuring 5 seats, ample storage, and different battery options for 105 kWh, 135 kWh, and 180 kWh, which the Rivian says will provide around 230 miles, 300 miles, and 400 miles respectively.
According to Electrek, the R1T will feature a maximum 160 kWh charge rate at a fast-charging station, which will give a range of about 200 miles in a 30 minutes.
With overall impressive specs, this will put it in direct competition with Tesla, who is reportedly planning their own electric pickup truck offering. The 105 kWh R1T will reportedly cost around $69,000 without incentives, with no word yet on higher capacity models as of now.
In addition, the two Rivian models are said to be capable of going from zero to 60 in about 3 seconds and will feature some form of autopilot in the future.
“[E]very single one of [our vehicles] has to have this Patagonia-like feel of enabling adventure,” Scaringe said, speaking to The Verge last November.
“We want to keep that very sharp. We want to focus only on the adventure space, so customers understand what we stand for.”