Electric Startup Truck Announces $ 700 Million Financing Led by Amazon

A man and a dog sitting on an electric van
Enlarge / Photo marketing of the R1T electric van from Rivian.

Rivian announced Friday a $ 700 million financing led by Amazon. The announcement is notable not only for the size of the investment, but also because of the participation of Amazon.

The e-commerce giant has made various investments in mobility, and electric trucks and SUVs like the one Rivian debuted at the Los Angeles Auto Show in November could help the company to pursue its ambitions in this area.

The R1T and R1S SUV pickups from Rivian caused a sensation when they were announced. The start-up is seen as a potential competitor of Tesla, who has promised to develop an all-electric truck in the future. Rivian trucks should be expensive: the startup takes pre-orders. In November, when the R1T and R1S go on sale at the end of 2020, they will start at $ 61,500 and $ 65,000. after the $ 7,500 tax credit from the IRS. (Since Rivian has not sold any trucks to date, the company's vehicles would still qualify for the full electric vehicle tax credit, which is gradually disappearing once the company has sold more than 200,000 electric vehicles. )

Part of Rivian's attention comes from the extraordinary reach of his truck and SUVs. The most expensive version of these vehicles would have a range of 400 miles.

Earlier this week, Reuters announced that Amazon and General Motors are both expected to invest in Rivian, "under an agreement that would give worth $ 1 to $ 2 billion to the US manufacturer. electric vans ". According to Bloomberg on Friday, Rivian is still in talks with GM, but with $ 700 million in funding, the Michigan-based startup has now raised $ 1.15 billion. GM seems to want to invest or collaborate in another way with Rivian.

Rivian CEO RJ Scaringe said the company "will call on additional partners, but less for capital reasons and more for the need for strategic relationships as we move toward our broader vision," according to Bloomberg .

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