Amazon leads $1b investment in Rivian EV

US electric vehicle start-up Rivian has announced a $700 million (NZD $1 billion) equity investment round to be lead by retail giant Amazon.

This announcement follows Rivian’s reveal of the all-electric R1T pickup and R1S SUV at the LA Auto Show in November.

Rivian has development centres in Plymouth, Michigan; San Jose, California; Irvine, California; and Surrey, England.

It will launch the R1T and R1S in the US in late 2020, with introduction to other global markets starting in 2021.

According to Rivian R1T and R1S, deliver up to 640km 400 miles of range. The vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant (a former Mitsubishi facility) in Normal, Illinois, with customer deliveries expected to start in late 2020.

“This investment is an important milestone for Rivian and the shift to sustainable mobility,” says Rivian’s founder and chief executive officer RJ Scaringe.

“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.”

“We’re inspired by Rivian’s vision for the future of electric transportation,” says Amazons worldwide consumer chief executive officer Jeff Wilke.

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

Rivian will remain an independent company. Amazon is leading the round, which includes participation from existing shareholders.