Feb 15 () - U.S. electric pickup truck maker Rivian Automotive LLC on Friday announced an equity investment of $700 million, led by Amazon.com Inc.
reported on Tuesday that Amazon and General Motors Co were in talks to invest in Rivian in a deal that could value the company between $1 billion and $2 billion.
Both Rivian and Amazon declined to comment on the valuation.
The funding will be a major boost for the Plymouth, Michigan-based startup, which aspires to be the first carmaker to the U.S. consumer market with an electric pickup.
Last week, Amazon had invested $530 million in self-driving car startup Aurora Innovation Inc.
Rivian's existing financial backers include Saudi auto distributor Abdul Latif Jameel Co, Sumitomo Corp of Americas and Standard Chartered Bank.
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