By Katherine Murphy
NORMAL– It’s official – Rivian announcing Friday morning an equity investment round of $700M led by Amazon.
The influx of cash comes on the heels of the introduction of the R1T pick up truck and R1S SUV at the Los Angeles auto show.
The electric cars will be built in the old Mitsubishi Motors plant in Normal and will roll out in 2020.
The deal with Rivian is Amazon’s second transportation based investment this month – the first with Aurora – an autonomous vehicle technology company.