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Amazon Pumps Millions in Rivian’s Electric Pickup Projects

Of the countless startups and new companies planning to get rich selling electric cars, Rivian is one of those few with a real shot at actually doing so. Its projects, electric SUV and pickup truck, have already been praised by the industry and turned more than their share of heads at past auto shows.
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The public’s perception of Rivian, combined with what the company calls “a clean sheet” start of its business and innovative products landed it a $700 million round of investment last week, with Jeff Bezos’ Amazon leading the charge.

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

The exact details of the investment were not made public, but Rivian says it will continue to remain an independent company. Amazon’s financial support is backed by that of current shareholders, Rivian said. Back in 2018, the list of investors included a division of Saudi company Abdul Latif Jameel and Sumitomo Corp.

So, what are the products Jeff Bezos is betting on?

Rivian plans to launch two electric cars on the market in the coming years, an SUV and a pickup, called R1S and R1T, respectively.

The two will be sharing most of their components, which include the battery packs with capacity ranging from 105 kWh to 180 kWh and corresponding range of as much as 400 miles (643 km). The cars will be powered by electric motors on each wheel, with a total output of over 750 hp.

The company plans to charge $61,500 after Federal Tax credit for the R1T pickup and $65,000 after Federal Tax credit for the R1S SUV and it is already accepting reservations for a refundable deposit of $1,000.

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