Rivian announced an equity investment round of $700M led by Amazon (AMZN). Rivian will remain an independent company. Amazon is leading the round, which includes participation from existing shareholders. Additional details about this investment are not being disclosed at this time.

"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," said RJ Scaringe, Rivian Founder, and CEO. "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," said Jeff Wilke, Amazon CEO Worldwide Consumer. Sometimes compared to Tesla (TSLA), Rivian developed electric vehicles "starting with a clean sheet." The company's launch products, the R1T and R1S, "deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility," the company stated. Rivian will launch the R1T and R1S in the US in late 2020, with an introduction to other global geographies starting in 2021.