Electric vehicle maker Rivian announced a $700 million investment round headed by Amazon.
Rivian unveiled its all-electric pickup truck and SUV late last year at the Los Angeles Auto Show.
All of the vehicles will be assembled at a 2.6-million-square-foot manufacturing plant, previously owned by Mitsubishi, in Normal, IL. Deliveries to customers in the United States are slated to begin late next year, the company said.
“We are excited to have Amazon with us on our journey to create products, technology and experiences that reset expectations of what is possible,” Rivian founder and CEO RJ Scaring.
The Rivian vehicles are projected to offer a range of more than 400 miles per charge, and have a base price between $68,000 and $72,500.
The R1T pickup can tow 11,000 lbs., and go from zero to 60 mph in 3 about seconds, company officials said.
"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."
Following the investment announcement, analysts suggested Amazon’s investment is aimed at gaining access to an electric fleet to power last-mile, e-commerce deliveries.
Earlier in February, automated vehicle maker Aurora announced it raised $530 million from investors including Amazon.