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Amazon invests $700m in Rivian

Posted at February 15, 2019 » By : » Categories : News » Comments Off on Amazon invests $700m in Rivian

Amazon has invested $700 million (£546m) in Rivian.

The multinational corporation is leading a new round of investment in the electric vehicle (EV) startup, which will also include participation from existing shareholders.

Rivian will remain an independent company – it says its launch products, the R1T and R1S, will be able to deliver up to 400 miles of range.

The EVs will be produced at the firm’s manufacturing plant in Normal, Illinois, with customer deliveries expected to start in late 2020.

RJ Scaringe, Rivian Founder and CEO, said: “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.”

Jeff Wilke, Amazon CEO Worldwide Consumer, said: “We’re inspired by Rivian’s vision for the future of electric transportation.

“RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”

Article source: https://www.energylivenews.com/2019/02/15/amazon-invests-700m-in-rivian/

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