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Amazon leads $700m investment in Saudi-backed startup Rivian

Amazon leads $700m investment in Saudi-backed startup Rivian
The Saudi-Backed Rivian remains in negotiations with General Motors

Mubasher: Amazon has led an equity investment worth $700 million in Tesla rival Rivian Automotive, which is based in Michigan, Bloomberg reported.

The endorsement from Amazon will boost Rivian’s plans to bring an electric truck to market by end 2020, Bloomberg said.

The Saudi-Backed Rivian remains in negotiations with General Motors regarding the largest US automaker making an investment or collaborating another way, people familiar with the matter said, as reported by Bloomberg.

“We will bring on additional partners, but less because of capital reasons and more because of a need to have strategic relationships as we scale towards our broader vision,” CEO RJ Scaringe said ahead of the announcement on Friday.

Discussions between GM and Rivan are ongoing, according to the people familiar with the talks, who asked not to be identified because an agreement hasn’t been reached. It’s unclear whether the potential deal would include GM taking an equity stake.

Rivian has raised about $1.15 billion until the current time, with Amazon making a second auto investment in short order.