Amazon, the e-commerce giant that’s probably sending a cookbook to your neighbor’s house as you read this, is leading a $700-million investment in Michigan-based automotive startup Rivian.
What’s missing from this news is General Motors, which, according to sources who spoke to Reuters and Bloomberg earlier in the week, was looking to sink its own cash into the company.
In a media release, Rivian announced “an equity investment round of $700M led by Amazon,” with Automotive News revealing the other investor as Rivian investment partner ALJ.
Rivian hopes to start production of its R1T pickup in a former Mitsubishi assembly plant in Normal, Illinois, by the end of 2020. The truck, which offers a choice of three battery sizes, draws its power from electric motors positioned at each wheel. Total range tops out at around 400 miles, Rivian claims.