Rivian Lands $700 Million in New Funding Led by Amazon
Rivian Automotive LLC has attracted $700 million in new equity investment led by Amazon.com Inc.
The only other participant in the round was Saudi vehicle distributor Abdul Lastif Jameel Ltd, according to Automotive News. ALJ previously invested $500 million in the company.
General Motors Co., which was rumored to be interested in the Plymouth, Mich.-based startup, did not participate.
Rivian aims to introduce the R1T electric pickup truck and R1S electric SUV in the U.S. by the end of 2020. Both models will ride on the company’s “skateboard” platform and be produced at the former Mitsubishi Motor Corp. factory in Normal, Ill.
Dan Nicholson is vice president of General Motors Global Propulsion Systems, the organization that had been “GM Powertrain” for 24 years.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).
Chinese electric-car startup Nio Inc. is forming a manufacturing joint venture with Beijing E-Town International Investment and Development Co., which is investing 10 billion yuan ($1.5 billion) in the business.