Electric truck startup Rivian raises another $1.3B in investment
Amazon and Ford sunk more cash into the company in this latest round of funding.
The budding electric pickup segment may have been defined this year by Tesla's Cybertruck, but Rivian isn't one to be forgotten.
The electric truck startup made a few splashes in 2019, and it's closing the year out with a bang. On Monday, the company said it raised another $1.3 billion in a new funding round.
Rivian does not break out figures by investor, but it said two familiar faces once again sunk cash into the company: Both Amazon and Ford were part of the latest investment round. Notably, Ford invested $500 million in Rivian this past April and inked a deal to use the startup's "skateboard" platform for a future electric car. This past February, Amazon invested $700 million and said Rivian will be responsible for a purpose-built electric delivery van. The online retail giant has ordered 100,000 of them so far. If all goes according to plan, the vans will start rolling out to Amazon in 2021.
Other big numbers this year include a $350 million investment from Cox Automotive.
We're waiting with bated breath for the production version of the handsome Rivian R1T pickup and R1S SUV. Both concepts grabbed attention at their 2018 debut, promising over 400 miles of range and plenty of power. Rivian plans to start production of the R1T pickup first at its plant in Illinois. The first deliveries should start at the end of 2020.
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