EV startup Rivian gets $700M in funding, led by Amazon

Rumors recently suggested General Motors was also interested in making an investment.

Prospective EV maker Rivian has announced an equity investment round worth $700 million led by Amazon.

The company has revealed two concepts, the R1T pickup and R1S SUV, with more than 400 miles of estimated ranged. Both are built upon a modular 'skateboard' platform, following the strategy employed by Tesla and now embraced by some established automakers.

"Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience," says Rivian CEO RJ Scaringe. "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 already employs more than 750 people with development centers located in Michigan, California and England. The company hopes to begin building the first customer cars by 2020 at a factory in Illinois.

The company's progress will be closely watched, naturally drawing comparisons with the troubled Faraday Future startup that in 2015 claimed to be building a $1 billion factory in Nevada but has not yet sold a single car.