Amazon backs electric truck startup Rivian in $700M funding round

Electric truckmaker Rivian received over $700 million in outside investment from Amazon and others, the company announced on Friday, after unveiling in November an emissions-free pickup and SUV.

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

Amazon said it is “inspired by Rivian’s vision for the future of electric transportation.” The e-commerce giant previously invested money in autonomous vehicle firm Aurora.

Beyond Amazon’s investment, the company did not disclose who else provided funding. It will remain an independent firm.

TickerSecurityLastChangeChange %
AMZNAMAZON.COM INC.1,754.60+1.49+0.09%
TSLATESLA INC.349.35+3.24+0.94%
FFORD MOTOR COMPANY8.79-0.02-0.23%
GMGENERAL MOTORS COMPANY36.80-0.39-1.05%
FCAUFIAT CHRYSLER AUTOMOBILES N.V.15.98+0.08+0.50%

Pickup trucks are one of the most popular vehicle models in the U.S., and the success of an electric version from Rivian or Tesla could threaten a key profit-driver for the traditional “Big 3” Detroit carmakers – Ford, General Motors and Fiat Chrysler.

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Ford previously said it would produce an electric version of its F-150 pickup, while GM is reportedly weighing an investment in Rivian.  A spokeswoman for the company said it admires "Rivian’s contribution to a future of zero emissions and an all-electric future.”