Rivian Announces $700M Investment Round Led By Amazon

Rivian has announced an equity investment round of $700M led by Amazon. The investment comes on the heels of Rivian’s reveal of the all-electric R1T pickup and R1S SUV at the LA Auto Show last November.

Rivian is developing vehicles, technology and services that inspire people to get out and explore the world.  With a team of more than 750 people, Rivian has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif; and Surrey, England; along with a 2.6-million-square-foot manufacturing plant in Normal, Ill. Rivian plans to launch the R1T and R1S in the US in late 2020, with introduction to other global geographies starting in 2021.

Starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to start in late 2020.

“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.”

“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.”

Much of Rivian’s workforce of about 750 employees is spread across California and Michigan, with automated driving and software engineers in San Jose, battery geeks in Irvine, and traditional auto engineers just outside Detroit. It also has a small office in the UK. The company acquired its Illinois, assembly plant from Mitsubishi Motors in 2017 for $16m and was able to re-purpose some of the equipment the Japanese car maker left behind. Rivian’s vice president of manufacturing, Matt Tall, came from AM General, the maker of Humvees for the military and the Hummer 4x4s GM once sold to civilians. Jeff Hammoud, VP of design, is a veteran of Fiat Chrysler Automobiles’s Jeep.

What do we mean by #ElectricAdventure? Watch our full documentary “This is Rivian” to learn more about what we’re building and why we’re building it here: https://t.co/Xc9CHO5UES pic.twitter.com/nfry8sbdfT

— Rivian (@Rivian) February 14, 2019

Rivian will remain an independent company. Amazon is leading the round, which includes participation from existing shareholders. Additional details about this investment are not being disclosed at this time.