Electric truck manufacturer Rivian hasn’t even sold its first EV yet, but the company is attracting much interest from some surprising outside investors.
Ford Motor Company and Amazon are among major investors who have pumped $2.5 billion into Rivian, said the California-based company last week.
Cox Automotive, Autotrader’s parent company, invested $350 million in Rivian in 2019.
Rivian intends to issue an initial public offering later this year, perhaps after its first R1T pickup trucks go on sale in September. The startup had planned to have the R1T on the road this month, but various Coronavirus-related setbacks delayed its launch.
Rivian says it has developed a single modular platform for its electric vehicles that can accommodate various body styles, from the R1T pickup to SUV and van models.
Amazon’s interest in Rivian stems around an upcoming electric delivery van that the company says will expand to as many as 16 test markets later this year.
Ford announced its first $500 million investment in Rivian back in 2019. It’s unclear how much the automaker pumped into Rivian in this latest round of investments. Ford CEO Jim Farley has previously stated that the automaker’s interest in the EV startup is long-term, not an effort to make a quick buck before selling off its shares. At one point, Ford floated the idea of a high-end Lincoln SUV based on Rivian’s modular platform, but Lincoln has since said it will make its own vehicle. See the electric cars for sale