UPDATE 3-Amazon places big bet on aspiring Tesla rival Rivian [Reuters (UK)]
Tesla, Inc. (TSLA)
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Source: Reuters
Amazon places big bet on aspiring Tesla rival Rivian | Reuters 4 Min Read DETROIT/SAN FRANCISCO (Reuters) - Amazon.com Inc said on Friday it would lead a $700 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. Amazon is hoping Rivian will assist it in its development of delivery vehicles that will bolster its logistics network, according to a person familiar with the matter who asked not to be identified discussing the confidential strategy. Reuters reported on Tuesday that Amazon and General Motors Co 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. Rivian could ultimately be valued at between $3 bi
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