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Amazon Leads $700 Mln Investment Round In Electric Automaker Rivian

Electric truck start-up Rivian announced has raised $700 million in investment round led by Amazon.

"This investment is an important milestone for Rivian and the shift to sustainable mobility," said R.J. Scaringe, founder and CEO of Rivian. "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."

The announcement comes just less than three months after Rivian announced its first two products, an all-electric pickup and SUV.

"We're inspired by Rivian's vision for the future of electric transportation," said Jeff Wilke, Amazon CEO Worldwide Consumer. "R.J. has built an impressive organization, with a product portfolio and technology to match. We're thrilled to invest in such an innovative company."

Rivian says it will remain an independent company. The equity round also includes participation from existing shareholders. Rivian and Amazon did not disclose any additional details about the investment.

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