Amazon invests in electric ute and SUV company

Amazon invests in electric ute and SUV company

Electric truckmaker Rivian received over $700 million in outside investment from Amazon and others, the company announced on Friday, after unveiling in November an emissions-free pickup and SUV.

The deal represents a major endorsement of Rivian's electric vehicle technology by the world's largest online retailer, which is looking for ways to boost the speed and reduce the cost of its deliveries.

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.

Rivian has now raised about $1.15 billion.

The Rivian deal comes as its much larger electric auto manufacturing rival, Tesla, struggles to stabilize production and deliver consistent profits as it ramps up its mass market Model 3 sedan.

But he has spoken only in general about a potential launch, saying that it would happen "right after" Tesla's Model Y, which the company has targeted to start production in 2020.

The latest funds will help produce its first all-electric vehicles - the R1T pickup truck and the seven-seat R1S SUV, which were revealed in the November Los Angeles Auto Show, Xinhua news agency reported.

But the company had piqued Amazon's interest earlier, according to one of the sources.

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

Recent reports show the California vehicle maker has extended its run on the leaderboard by some distance thanks to the continued production of the Model 3, which shipped nearly 56,000 units in the USA alone.

Rivian already employs more than 750 people with development centers located in Michigan, California and England. The company "will take elevated importance in investors' minds as EVs become the focus" of automakers' investment and strategy, he said.

Rivian received a $200 million loan previous year from Standard Chartered Bank, and previously secured more than $450 million from equity investors including the Saudi company Abdul Latif Jameel and Sumitomo Corporation of America.

You can find out more about the Rivian R1T and R1S by clicking the respective links.

It does 0 to 60 miles per hour in 20 seconds with a full 80,000-pound load.

Related Articles

  • Jennifer Lopez Announces

    Jennifer Lopez Announces "It’s My Party" Tour For 50th Birthday

    On January 12, 1959, Berry Gordy redefined music when he founded Motown Records at 2648 West Grand Boulevard, Detroit. Lo better not salsa her way to the cookout because she is uninvited for that bad performance".
    Chevy hopes for a return in 2019 with a Daytona Pole swwep

    Chevy hopes for a return in 2019 with a Daytona Pole swwep

    I was inside of him for a little while before things went haywire, so I don't know what caused his auto to get out of control. Burton turned 18 in October to meet the age requirement to race on the biggest and fastest NASCAR-sanctioned tracks.
    Range Rover Sport HST revealed for the UK

    Range Rover Sport HST revealed for the UK

    The HST trim offers five colors and two wheel designs, with brake calipers in either red or anodized gray. Land Rover has announced a new mild hybrid version of its high-end Range Rover Sport model.
  • Tesla has rolled out a DOG MODE

    Tesla has rolled out a DOG MODE

    If your Tesla's' battery dips below 20% while in Dog Mode you'll get an alert to your Tesla app on your mobile phone. The mode will also include a message on the car's display screen saying "I'm fine my owner will be right back".
    Ariana Grande Details Pete Davidson Break Up: Full Story

    Ariana Grande Details Pete Davidson Break Up: Full Story

    Ariana Grande has come a long way from being a Nickelodeon star on "Victorious" and "Sam & Cat", to becoming a mega pop star. On Twitter , Grande said the song is about "feeling badly for the person you're with bc [because] you love somebody else".
    NASA seeks industry help for human lunar landers

    NASA seeks industry help for human lunar landers

    Bridenstine added: 'The Gateway will be the home base for the first reusable human lunar lander system. This time NASA plans to get to parts of the moon they haven't discovered yet.
  • Andrew McCabe: Justice Department officials discussed removing Trump from office

    Andrew McCabe: Justice Department officials discussed removing Trump from office

    McCabe is the first person associated with those conversations to confirm publicly the account as reported in the Times . He said Rosenstein, along with others, discussed invoking the 25th Amendment, stating the president is unfit for office.
    George Clooney: Meghan Markle being harassed, like Princess Diana

    George Clooney: Meghan Markle being harassed, like Princess Diana

    Shortly before his daughter was due to Wednesday Harry, Thomas staged paparazzi photos of himself preparing for the wedding. Meghan addressed the letter to "Daddy", before telling him she "does not understand" why he has "chosen to take this path".
    Trudeau government in crisis after Canada minister's resignation

    Trudeau government in crisis after Canada minister's resignation

    Does that mean the Liberals will allow the committee to hear from Wilson-Raybould? He said Wilson-Raybould never spoke to him. Housefather said that there has been no pressure from above to the Liberals on the committee.
  • LG V50 ThinQ with Sprint 5G leaks foretelling February launch

    LG V50 ThinQ with Sprint 5G leaks foretelling February launch

    Bear in mind that the 2020 lineup of iPhones are reportedly getting the same camera to upgrade the Face ID security metric. The image itself reveals a triple-camera setup at the rear, and a dual-camera setup at the front.
    Mako Vunipola out of Six Nations with ankle ligament injury

    Mako Vunipola out of Six Nations with ankle ligament injury

    He's performing really well". "We will know more in terms of time frames following the surgery". But do we work on it? No". "It's probably not higher intensity, just more consistent with it".
    Dortmund waste three-goal lead to draw 3-3 with Hoffenheim

    Dortmund waste three-goal lead to draw 3-3 with Hoffenheim

    Serge Gnabry sealed Bayern's win before the hour-mark after Lewandowski inadvertently set him up with a bicycle kick. Reus has enjoyed a superb season, scoring 17 goals in all competitions.