US-based electric truck startup Rivian has raised ₹4,900 crores ($700 million) in equity investment round from e-commerce giant Amazon Inc. The development comes soon after the startup revealed its all-electric R1T pickup and R1S Suv at the LA Auto Show in November 2018.
“We’re inspired by Rivian’s vision for the future of electric transportation,” said Jeff Wilke, Amazon CEO Worldwide Consumer. “RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company.”
The secretive startup is working to reduce the carbon dioxide emissions into the atmosphere and lower carbon footprint. Rivian is focused on to turn adventure vehicles like gas guzzlers into fully electric cars. Earlier in 2018, the Michigan-based startup raised ₹1,400 crores ($200 million) from Standard Chartered Bank despite being in stealth mode.
Founded by Robert J. Scaringe in 2009, the startup is developing vehicle technology and services to advance the shift to sustainable mobility. With a team of 750 people and development centres in Plymouth, San Jose, Irvine and Surrey (England), Rivian plans to launch its R1T pickup truck and R1S sports utility in the US in 2020.
“This investment is an important milestone for Rivian and the shift to sustainable mobility,” said RJ Scaringe, Rivian Founder and CEO. “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 experiences that reset expectations of what is possible.”
The startup has started accepting pre-orders and will start shipping the vehicles internationally in 2021. The vehicles can deliver 680+ kilometres of range with an unmatched capability of off-road performance. Both the vehicles will be manufactured at Rivian’s manufacturing plant in Normal, Illinois with customer deliveries starting in 2020.