Technology
Tesla rival gets $1.3 billion boost, including cash from Amazon
Rivian’s electric pickup truck and SUV haven’t come out yet, but Amazon and other investors keep pouring money into the Tesla competitor.
On Monday, Rivian CEO RJ Scaringe announced it raised a whopping $1.3 billion, with investments from Amazon, Ford, and investment firms. This follows the Amazon-led $700 million investment round back in February.
Rivian wouldn’t disclose how much of the $1.3 billion was from Amazon. Amazon previously announced plans to convert its delivery fleet to 100,000 Rivian electric vans by 2022.
The truck and SUV start at $69,000 with only preorders available now.
The funding news comes as fellow U.S.-based electric vehicle company Tesla hit a $420 stock price.
Cue the marijuana jokes.
Rivian is expected to start delivering its R1T truck and R1S SUV vehicles by the end of 2020. Like Tesla, Rivian is building its 400-mile range vehicles in the U.S. But instead of California, Rivian bought an old factory in Normal, Illinois.
The Rivian truck, while less cyberpunk and more outdoor adventure oriented, should beat Tesla’s Cybertruck to market. But the Cybertruck only requires a $100 pre-order. Rivian’s is $1,000.
-
Business6 days ago
TikTok Shop expands its secondhand luxury fashion offering to the UK
-
Business5 days ago
UnitedHealth says Change hackers stole health data on ‘substantial proportion of people in America’
-
Business6 days ago
Mood.camera is an iOS app that feels like using a retro analog camera
-
Business4 days ago
Tesla’s new growth plan is centered around mysterious cheaper models
-
Business3 days ago
Xaira, an AI drug discovery startup, launches with a massive $1B, says it’s ‘ready’ to start developing drugs
-
Business4 days ago
UK probes Amazon and Microsoft over AI partnerships with Mistral, Anthropic, and Inflection
-
Entertainment6 days ago
Furious Watcher fans are blasting it as ‘greedy’ over paid subscription service
-
Business5 days ago
Two widow founders launch DayNew, a social platform for people dealing with grief and trauma