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Rivian Snags $2.65 Billion Dollars, Though Amazon Is The Only Buyer

Rivian Snags $2.65 Billion Dollars, Though Amazon Is The Only Buyer

Mark another notch in the wall, boys! Rivian has been able to claim enough money to close out another huge milestone. The electric vehicle creator has been able to get a sizable backing – $2.65 billion dollars – for building Amazon’s future delivery fleet.

This was announced recently, as funds and accounts were advised by T. Rowe Price Associates Inc., while Fidelity Management and Research Co., Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners participated. Rivian is doing great with those numbers! Hooray!

Their wave-riding has begun since 2019’s autumnal season, when Amazon initially placed an order for 100,000 delivery vans. This follows, of course, an initial $700 million investment. To begin with, that’s very generous of Amazon to even go out of their way to help the little man. Beforehand, Rivian has been poised to make the electric pickup truck a reality. Besides the Rivian R1T, they’ve also been developing an electric SUV and the R1S.

But what else lies for Rivian besides Amazon?

Supposing that these electric vans will work, will Rivian have luck elsewhere? Who would want to buy their conceptual vehicles commercially? Well, for starters, other automakers will likely want to place orders for Rivian. They could be in high-demand! You don’t know!

Sam Abuelsamid, a lead analyst for Guidehouse Insights had this to say: “I suspect we will see other companies utilizing the Rivian skateboard platform and putting various types of bodies on that, whether it’s cargo vans or shuttles.”

Currently, it seems like things are positively going fantastic as is. For instance, the OEM is investing $800 million to refurbish a plant in Canada in order to develop new EV600 delivery vans, in order to meet Amazon’s needs. For now, they’ve been operating out of a former Mitsubishi plant. How D.I.Y. of this startup! May they last long and push strong!

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