Rivian, the automotive company which purchased the former Mitsubishi Motors Plant in Normal, finally revealed the R1T and R1S electric vehicles in November of 2018. The excitement created from the positive vehicle reviews has caused a number of investors to join forces with the company.
This just in from Rivian.com:
February 15, 2019__ Rivian has announced an equity investment round of $700M led by Amazon. The investment comes on the heels of Rivian’s reveal of the all-electric R1T pickup and R1S SUV at the LA Auto Show last November.
Starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to start in late 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.”
“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.”
Rivian will remain an independent company. Amazon is leading the round, which includes participation from existing shareholders. Additional details about this investment are not being disclosed at this time.
https://youtu.be/n3F-I-pLe_k
This is a major endorsement of Rivian by the world’s largest online retailer. Amazon is obviously looking for ways to boost speed and reduce cost of deliveries, and a partnership with this company could shape the future of how all products are moved. Locally, the auto plant has been adding jobs to our economy ahead of schedule for the promised tax incentives. As a west side Bloomington neighborhood woman, I’m thrilled to see life and excitement come back to those buildings. Could there be more investors yet to come? GM is rumored to be interested too. Now who wants to rename Mitsubishi Motorway?
Susan Saunders 2/15/19
