Electric truck maker Rivian gets $700M investment, led by Amazon

Feb. 15 (UPI) -- Startup company Rivian, whose electric trucks debuted three months ago, said on Friday it raised $700 million in an investment round, led by money from retail giant Amazon.

The amount of Amazon's investment was not disclosed, but Rivian CEO R.J. Scaringe said in a statement, "This investment is an important milestone for Rivian and the shift to sustainable mobility. 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."

Rivian introduced two all-electric trucks, called the R1T pickup and R1S SUV, at the Los Angeles Auto Show in November. The two products are said to have a range of up to 400 miles and provide a combination of performance, off-road and utility features. The company was founded as Mainstream Motors in 2009, and previously bought an abandoned car manufacturing plant in Normal, Ill., where Mitsubishi and Chrysler Corp. had a joint operation.

The first vehicles for sale are expected to be ready by 2020.

Rivian also announced it will remain an independent company, naming investment company ALJ its principal investor. Reports this week that General Motors would also invest in the company were not confirmed, although an announcement could come at the New York Auto Show in April, a source within negotiations told CNBC.

The company could become a rival to Tesla, which is developing its own electric pickup truck, as well as established truck makers GM and Ford.