REUTERS: Electric vehicle startup Rivian said on Monday it closed a US$1.3 billion investment round, led by fund manager T. Rowe Price but also including existing investors online retailer Amazon.com Inc and No. 2 U.S. automaker Ford Motor Co.
Founded in 2009, Rivian plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, starting in late 2020. Both models are based on a Rivian-designed"skateboard," a chassis that bundles electric motor, batteries and controls and can accommodate a variety of body styles. Amazon, which has relationships and deals across the auto industry, led a US$700 million investment round in Rivian in February. The e-commerce giant also ordered 100,000 electric delivery vehicles from Rivian. The first Amazon vans will be built at a former Mitsubishi plant in Normal, Illinois, starting in 2021.