Electric truck start-up and potential Tesla rival Rivian announced a $700 million investment round led by Amazon on Friday.
The announcement comes just months after the Michigan-based company unveiled both an electric pickup truck and sport utility vehicle at the LA Auto Show in November.
"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."
The round included investments from Rivian's existing shareholders. It will remain an independent company.
"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."
This is Amazon's second investment in transportation this month. The online giant recently put money into Aurora, an autonomous vehicle technology company run by Waymo and Tesla alumni.
This is breaking news. Please check back for updates.
from Top News & Analysis https://cnb.cx/2tpAKbH
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