Amazon leads $700 million investment in electric-car startup Rivian

Amazon leads $700 million investment in electric-car startup Rivian

Amazon leads $700 million investment in electric-car startup Rivian

"This investment is an important milestone for Rivian and the shift to sustainable mobility", founder and CEO RJ Scaringe said in a statement.

The nascent manufacturer, which debuted its prototype all-electric truck and SUV models at the Los Angeles Auto Show in November, is gearing up to begin building the vehicles at the shuttered former Mitsubishi plant in downstate Normal beginning in 2020.

Similar to Rivian's investment, while Aurora is happy that "a great technology company like Amazon, who thinks hard about the implications of logistics and movement of goods" is involved, it doesn't mean it will lead to a partnership.

As of right now, the only details being made official regarding the investment are that Rivian will remain an independent company and that existing shareholders are also part of the process.

The two vehicles will have up to more than 400 miles (about 644 km) of range with extraordinary performance, off-road capability and utility, said the auto company.

The investment will help startup Rivian launch this R1T pickup and the related R1S SUV. GM, following reports of the talks, said it admired Rivian's "contribution to a future of zero emissions and an all-electric future". The equity investment from GM has not been announced yet.

Aurora is developing the technology for autonomous vehicles, but leaving the making of cars to other companies and said in a blog post it wants to work alongside, rather than compete with, leading automakers.

"We're inspired by Rivian's vision for the future of electric transportation", said Amazon chief executive for worldwide consumer Jeff Wilke in a statement. "RJ [Scaringe, Rivian CEO] has built an impressive organization, with a product portfolio and technology to match".

Tesla CEO Elon Musk told investors in August that an electric pickup is "probably my personal favorite for the next product" from the company.

Shares of Amazon stock were down 0.79 percent as of 2:20 p.m. EST on Friday.

The first vehicles for sale are expected to be ready by 2020.

US electric pickup truck maker Rivian Automotive on Friday announced an equity investment of $700 million, led by Amazon.

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