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Amazon said on Friday it would lead a $700 million investment in U.S. electric pickup truck startup Rivian, 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 - Tuesday - Amazon - General - Motors
Reuters reported on Tuesday that Amazon and General Motors 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 - Sources
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, struggles to stabilize production and deliver consistent profits as it ramps up its mass market Model 3 sedan.
Tesla - CEO - Elon - Musk - Investors
Tesla CEO Elon Musk told investors in August that an electric pickup is 'probably my personal favorite for the next product' from the company.
But he has spoken only in general about a potential launch, saying that it would happen 'right after' Tesla's Model Y, which the company has targeted to start production in 2020.
R1T - Pickup - R1S - SUV - Time
Rivian unveiled its electric R1T pickup and R1S SUV for the first time at the Los Angeles Auto Show last November.
But the company had piqued Amazon's interest earlier, according to one of the sources.
Amazon - CEO - Jeff - Bezos
Amazon CEO Jeff Bezos personally reached...
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