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Tesla challenger Rivian simply declared a $700 million venture driven by Amazon

On Friday, electric pickup-truck and SUV creator Rivian declared a $700 million investment round driven by Amazon.

“This investment is an important milestone for Rivian and the shift to sustainable mobility,” RJ Scaringe, Rivian’s founder and CEO, said in an announcement.

“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 Michigan-based startup as of late disclosed a couple of all-electric vehicle, the R1T pickup and R1S SUV, at the 2018 Los Angeles auto show. The organization has pitched itself toward the superior, experience arranged section of the market, where gas-controlled challenge would incorporate the likes of the Ford Raptor pickup.

In any case, on the electric side, Rivian has been seen as a Tesla rival, particularly given Tesla CEO Elon Musk’s promise to uncover an electric pickup, conceivably by this summer.

Before the news of the Amazon deal, there had been reports that Amazon and General Motors would consolidate to invest into Rivian at a valuation of $1-2 billion. Rivian’s declaration made no notice of GM, however said that Amazon would lead this venture round with expansion capital originating from existing investors.

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