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

Today, Rivian announced their 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.

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