Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News
Whatsapp

Rivian Closes $700 Million Funding Round Led by Amazon

Bhaswati Sarkar
Bhaswati Sarkar
She likes to lose herself in music and daydreams quite often. Travelling excites her and photography is her passion- nature is her favorite subject. Writing is cathartic for her. A happy-go-lucky kind of person, she tries to remain calm and serene through daily life.

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

There were rumors earlier this week that General Motors and Amazon were interested in the electric pickup and SUV maker, Rivian.

Today, Rivian announced its decision to close a $700 million funding round led by Amazon, confirming its inclusion of “participation from existing shareholders.”

This investment is an important milestone for Rivian and the shift to sustainable mobility. 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 – RJ Scaringe, Rivian Founder and CEO

Investing in Rivian marks Amazon’s second substantial investment in the auto industry this month, after having to invest in self-driving startup Aurora just last week itself.

We’re inspired by Rivian’s vision for the future of electric transportation. RJ has built an impressive organization, with a product portfolio and technology to match. We’re thrilled to invest in such an innovative company – Jeff Wilke, Amazon CEO Worldwide Consumer

Amazon’s inspiration involves the two electric vehicles, a pickup truck and an SUV built on the same platform, which Rivian had unveiled in 2018. Their impressive specifications have helped the company to secure large investments, both prior to the unveiling of the R1T, and later.

Join 10,000+ Fellow Readers

Get Techgenyz’s roundup delivered to your inbox curated with the most important for you that keeps you updated about the future tech, mobile, space, gaming, business and more.

Recomended

Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic