Amazon backs mammoth $1.3B funding spherical for Tesla rival Rivian

Rivian Automotive Inc., an electrical automobile startup tapped by Inc. to produce 100,000 vans for its supply fleet, in the present day introduced that it has raised $1.three billion in funding from the net retail large and different institutional backers.

Plymouth, Michigan-based Rivian spent a couple of decade working in stealth mode earlier than debuting final 12 months on the Los Angeles Auto Present.

The startup has developed an electrical automobile chassis with motors, batteries, controls and suspension that can be utilized to construct a number of sorts of cars. This chassis, which Rivian refers to because the “skateboard,” is the idea of a number of autos that may start hitting the market subsequent 12 months.

Rivian’s upcoming lineup is headlined by two high-end client fashions slated to launch on the finish of 2020: the R1T pickup truck and the R1S sport utility automobile. The startup is promising a driving vary of as much as 400 miles per cost for each autos with three-second acceleration to 60 miles per hour.

In parallel with its push into the patron auto market, Rivian is creating a industrial electrical supply van for Amazon likewise primarily based on the skateboard chassis. Amazon Chief Govt Officer Jeff Bezos mentioned in September that his firm has positioned an order for 100,000 autos to be delivered by 2024. The web retail large is aiming to change its complete world supply fleet to renewable power by 2030. 

Rivian will manufacture its autos at 2.6 million-square-foot facility in Regular, Illinois, that beforehand functioned as a Mitsubishi Motors Corp. plant. The startup has additionally opened a number of improvement facilities world wide, together with two in California, one in Canada and one other in Surrey, England.

The $1.three billion in funding introduced in the present day ought to allow Rivian to hurry up the tempo of its enlargement considerably subsequent 12 months because it prepares to start out transport out the primary autos to prospects. Moreover Amazon, the spherical noticed the participation of Ford Motor Co., BlackRock Inc. and T. Rowe Worth Associates, which led the funding.

The spherical is the fourth Rivian has closed in 2019. It beforehand raised $350 million from Cox Automotive Inc., $500 million from Ford and a $700 million funding in February that was led by Amazon.

The web retail large made numerous notable transportation-related bets in 2019. Along with backing Rivian, Amazon led a $530 million spherical into autonomous automobile developer Aurora Innovation Inc. and a $575 million funding in U.Okay. meals supply unicorn Deliveroo. However the latter deal has not but gone by on account of antitrust considerations from Britain’s competitors watchdog, which just lately warned that it might launch an “in-depth investigation” of Amazon’s funding. 

Photograph: Rivian

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