Electrical truck startup broadcasts $700 million funding spherical led by Amazon

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A man and a dog sit on an electric pickup truck

Enlarge / A advertising and marketing picture of Rivian’s R1T electrical pickup truck. (credit score: Rivian)

On Friday, electrical truck startup Rivian introduced a $700 million funding spherical led by Amazon. The announcement is notable not only for the dimensions of the funding but additionally attributable to Amazon’s involvement.

The e-commerce large has made quite a lot of investments in mobility, and electrical vehicles and SUVs like the sort Rivian debuted on the Los Angeles Auto Present in November might assist the corporate additional its ambitions in that regard.

Rivian’s R1T pickup and R1S SUV made a splash at their announcement. The startup is seen as a possible competitor to Tesla, which has promised to develop an all-electric pickup truck sooner or later. Rivian’s vehicles are anticipated to be pricy: the startup is taking pre-orders, and it mentioned in November that, when the R1T and R1S go on sale in late 2020, they’re going to begin at $61,500, and $65,000 after the $7,500 IRS tax credit score. (Rivian has bought no vehicles to this point, so autos from that firm would nonetheless be eligible for the total electrical automobile tax credit score. The complete tax credit score begins to section out after an organization has bought greater than 200,000 electrical autos.)

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