Quite the splash after a near decade in Stealth Mode.
Electric carmaker Rivian, after having spent the first decade of its life working quietly in the shadows while contemporaries like Tesla lived it up in the limelight, has now earned the right to sit pretty despite its ‘upstart’ image after having burst onto the scene at the Los Angeles auto show last November.
How pretty, you ask? Well between new-investor Amazon and existing-partner Abdul Latin Jameel, they now have an additional cash injection of US$700-million (or about $979-million). This represents a major step forwards for the brand, and the investment should ensure that the marque’s R1T ute and R1S SUV make it to the roads.
“This investment is an important milestone for Rivian and the shift to sustainable mobility. 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 experience that reset expectations of what is possible.” – RJ Scaringe, Founder & CEO, Rivian Automobiles
“We’re inspired by Rivian’s vision for the future of electric transportation. RJ [Scaringe] has built an impressive organisation, with a product portfolio & technology to match. We’re thrilled to invest in such an innovative company.” – Jeff Wilke, Chief Executive Officer (Worldwide Consumer Products), Amazon
A few days ago we ran a report that both Amazon & GM were weighing up the possibility in investing in Rivian, and while Amazon’s pulled the trigger, GM has not. It’s understood that GM is still considering investment, just not in time for this particular round of funding.
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