Amazon leads $700-million investment in aspiring Tesla rival Rivian [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Amazon leads $700-million investment in aspiring Tesla rival Rivian Amazon.com Inc said on Friday it would lead a $7 million investment in U.S. electric pickup truck startup Rivian Automotive LLC, in the e-commerce giant’s biggest bet on technologies with potential to reshape the automotive sector. The deal represents a major endorsement of Rivian’s electric vehicle technology by the world’s largest online retailer, which is looking for ways to boost the speed and reduce the cost of its deliveries. Reuters reported on Tuesday that Amazon and General Motors Co (GM) were in talks to invest in Rivian. GM’s talks with Rivian about an investment are continuing and any deal would be announced at a later date, people familiar with the talks said on Friday. Story continues below advertisement Rivian could ultimately be valued at between $3 billion and $4 billion, one of the sources said. The Rivian deal comes as its much larger electric car manufacturing rival, Tesla Inc, struggles to stabili
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