Electric truck startup Rivian, the automotive tech company based out of Plymouth Michigan has secured a fresh investment of $700 million in the corporate round. E-commerce giant Amazon has led the fresh financing for the company. Interestingly, there were reports regarding Amazon and automotive firm GM was in search of backing electric firms for a couple of weeks. While Amazon has infused the capital, multiple reports suggest that Rivian might get funding from GM as well.
Prior to this round, Rivian had picked $200 million in debt financing which was led by Standard Chartered Bank in May last year. The fresh capital infusion from Amazon takes the total funding raised by the company to over $900 million. Sumitomo Corporation of America is another major investor in the company.
Rivian was started in 2009 by Robert J. Scaringe. The company confirmed the funding and said that it will continue to run itself as an independent company. The company currently has offices in the U.S. and U.K. where it has more than 750 employees.
Jeff Wilke, Worldwide Consumer CEO at Amazon talking about the investment through a statement said, “We’re inspired by Rivian’s vision for the future of electric transportation. Robert J. Scaringe has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”
With Major player like Tesla, the company of Elon Musk which has attracted massive investment, the fresh funding for Rivian would mean that the company can continue working on their electric vehicles, especially the all-electric R1T pickup and R1S SUV. It is also planning to launch a flexible skateboard platform which they plan to launch in late 2020.
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