On Friday, 15th Feb, Amazon, an online retail giant said it would make an investment of $700 million in Rivian Automotive, an electric pickup truck startup based out of U.S.
For the electric automaker, this could be a major endorsement by the biggest online retailer in the world.
After Amazon’s investment, the electric pickup startup could be valued at between $3 billion and $4 billion according to some sources.
In November last year, the electric automaker unveiled its all-electricR1T pickup and R1S SUV at the Los Angeles Auto Show for the first time.
According to sources, Jeff Bezos, Amazon CEO personally reached out to the R.J. Scaringe, the Founder, and CEO of Rivian to express investment into the company.
The online retail giant is looking for deals which can send a package to its customers faster. Amazon is Mercedes biggest customer for Sprinter vans and secured 20,000 units for delivery contractors.
Saudi auto distributor Abdul Latif Jameel, Standard Chartered Bank, and Sumitomo of Americas are the Automakers existing financial backers. The automaker aims to be the first company to mass produce an electric pickup and plans to sell its R1T by the end of 2020.