Electric carmaker Rivian has landed a $700 million investment in an Amazon-led funding round, it said Friday. It's the second time in two weeks Amazon has put money into alternative vehicles. Terms of the investment were not disclosed, but the transaction involved unnamed, existing shareholders in addition to Amazon. Founded by Robert "RJ" Scaringe in 2009, Rivian has raised about $1.5 billion in funding to date, according to S&P Capital IQ. It raised about $200 million in debt financing last May. Rivian said that it will remain an independent company. In recent talks, the carmaker was valued at $1 to $2 billion, according to Bloomberg.The proceeds will be used to fund production of Rivian's fully electric cars, which it unveiled at the Los Angeles Auto Show last November. The company is planning to launch its R1T pickup truck and R1S SUV in late 2020, manufacturing the vehicles in its Normal, Illinois plant. "RJ has built an impressive organization, with a product portfolio and … [Read more...] about Amazon leads $700 million investment into electric pickups
Feb 15, 4:23 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Dawn Geske 02/15/19 AT 2:21 PM Amazon (AMZN) and electric vehicle producer Rivian are teaming up. On Friday, Rivian announced a $700 million investment round led by Amazon.The move comes at the heels of the electric auto manufacturer unveiling its first all-electric vehicles – the R1T pickup and R1S SUV - at the Los Angeles Auto Show in November. Rivian said it will start deliveries of the R1T and R1S in late 2020.The electric vehicles from Rivian are designed to deliver up to 400 plus miles of range per battery charge and use a “skateboard” design that allows for the internal components to fit any body style, according to the company. The vehicles also feature a 180-kW battery pack, that is twice the size of the largest offering from Tesla, CNBC reported.“This investment is an important milestone for Rivian and the shift to … [Read more...] about Amazon Investment: Will Rivian EVs Move Packages?
Eric D. Lawrence Detroit Free Press Published 10:06 AM EST Feb 15, 2019 Amazon will lead a $700 million investment in Detroit-area electric vehicle startup Rivian. Recent reports have focused on a likely large investment in the company from the online package delivery behemoth and possibly General Motors, but the news, minus a GM announcement, was confirmed Friday. "This investment is an important milestone for Rivian and the shift to sustainable mobility," R.J. Scaringe, Rivian founder and CEO, said in a news release. "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." In the same release, Jeff Wilke, Amazon CEO for Worldwide Consumer, … [Read more...] about Amazon to lead $700M investment in electric vehicle startup Rivian
Dec 26, 10:35 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Dawn Geske 12/26/18 AT 3:49 PM Amazon (AMZN) has reported record sales following the holiday season as well as increased Prime memberships. According to the company, tens of millions of people worldwide signed up for a Prime free trial or paid membership.Prime members received free same day, one-day, or two-day shipping while free two-hour delivery is available with the Prime Now membership. The last Amazon Prime Now delivery was made Christmas Eve at 11:30 p.m. in Berkeley, California, Amazon said. It included a LEGO Super Heroes Captain American Building Kit, a Hallmark card, Greek yogurt, and shampoo.The most last-minute deliveries as part of Amazon’s Prime Now membership went out on Christmas Eve to San Francisco, California; Austin, Texas; Miami, Florida; Dallas-Fort Worth, Texas; and Springfield, Virginia, according to Amazon. The company also … [Read more...] about Amazon Has Record Holiday Sales Season, Reports Millions Of Prime Memberships
Amazon experienced “record-breaking” Christmas sales this year, with its Alexa-powered home assistant devices among the company’s best sellers according to a report. Amazon revealed that “more items” had been “ordered worldwide than ever before,” with Amazon Worldwide Consumer CEO Jeff Wilke declaring, “This season was our best yet, and we look forward to continuing to bring our customers what they want, in ways most convenient for them in 2019.”In July, it was reported that Amazon is set to capture fifty percent of the U.S. e-commerce market, and President Trump has repeatedly expressed concerns over the company’s growing monopoly. According to Business Insider, “tens of millions of customers signed up” for Amazon’s subscription service Prime this Christmas season, while “one billion items were shipped with Prime in the US.” Amazon’s controversial Alexa-powered Echo Dot home assistant was … [Read more...] about Amazon Reports ‘Record-Breaking’ Christmas Sales