Amazon Inc. is betting big on Rivian Automotive and their fully electric truck.
The electric Rivian truck moved one step closer to becoming a reality thanks to a massive $700 million investment from Amazon Inc. Detroit-based Rivian Automotive announced the investment this morning.
Reports surfaced last week that both GM and Amazon were competing for the chance to invest in Rivian. It seems Amazon came out on top. They are joined in this investment round by ALJ Investments.
General Motors wasn’t included in this round of financing but could get in on the action at some point later down the road. Reuters reported last week that investments from both Amazon and GM could lead Rivian to a $2 billion valuation.
“This investment is an important milestone for Rivian and the shift to sustainable mobility”, Rivian CEO RJ Scaringe said in a press release. The news was first reported by Automotive News.
A Fully-Electric Truck With Over 600 Kilometers of Range
Orders are already being taken for the Rivian R1T pickup and R1S sport utility vehicle, Rivian Automotive’s first two electric vehicles which were unveiled at the Los Angeles auto Show.
A $1,000 deposit puts potential buyers on a waiting list for both the R1T and R1S which will begin production in 2020. At current exchange rates, the Rivian R1T truck will start at around $85,000 while the R1S SUV will be about $90,000.
Both the Rivian truck and the Rivian SUV will use the same platform with four independent electric motors, each one powering its own wheel. Total output is rated at 750 horsepower and Rivian claims you’ll get to 100 km/h in about 3.0 seconds.
Range is expected to top 600 kilometers. The R1T truck will have a payload of 800 kg (1,760 pounds) and a towing capacity of 5000 kg (11,000 pounds).