REUTERS: Amazon.com Inc and General Motors Co are in talks to invest in Rivian Automotive LLC in a deal that will value the U.S. electric pickup truck manufacturer at between US$1 billion and US$2 billion, people familiar with the matter told Reuters on Tuesday.
The deal would give Amazon and General Motors minority stakes in Rivian, the sources said. It would be a major boost for the Plymouth, Michigan-based startup, which aspires to be the first car maker to the U.S. market with an electric pickup.
If the negotiations conclude successfully, a deal could be announced as early as this month, the sources said, asking not to be identified because the matter is confidential. There is always a chance that deal talks fall through, the sources cautioned.
Amazon, General Motors and Rivian did not immediately respond to requests for comment.
(Reporting by Harry Brumpton in New York and Stephen Nellis in San Francisco; Additional reporting by Ben Klayman in Detroit and Jeffrey Dastin in San Francisco; Editing by Bill Rigby)