Date
16 July 2019
The Rivian R1T electric pickup truck is displayed during a reveal event in Los Angeles on Nov. 27, 2018. The Michigan-based startup is said to be in talks with Amazon and GM over a potential stake sale. Photo: Bloomberg
The Rivian R1T electric pickup truck is displayed during a reveal event in Los Angeles on Nov. 27, 2018. The Michigan-based startup is said to be in talks with Amazon and GM over a potential stake sale. Photo: Bloomberg

Amazon, GM eye stakes in electric truck maker Rivian: report

Amazon and General Motors are in talks to invest in US electric pickup truck manufacturer Rivian Automotive, Reuters reports, citing sources familiar with the matter. 

A potential deal, which would give Amazon and GM minority stakes in Rivian, is likely to value the Plymouth, Michigan-based startup at between US$1 billion and US$2 billion, the report said.

If the discussions conclude successfully, an announcement could be made as early as this month, according to the report.

“We admire Rivian’s contribution to a future of zero emissions and an all-electric future,” GM was quoted as saying in an emailed statement, declining to specifically comment on any talks with Rivian.

Amazon did not respond to requests for comment, Reuters said. 

Rivian intends to begin selling its R1T, the pickup it debuted in November, in the fall of 2020. The company was founded in 2009 by CEO R.J. Scaringe.

Scaringe has described the Rivian vehicle’s platform as a “skateboard” that packages the drive units, battery pack, suspension system, brakes and cooling system all below wheel height to allow for more storage space and greater stability due to a lower center of gravity.

He has also said the company plans to partner with outside firms to develop advanced self-driving technology, rather than try to do so on its own.

Rivian’s existing financial backers include Saudi auto distributor Abdul Latif Jameel Co, Sumitomo Corp of Americas and Standard Chartered Bank, according to the report.

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