Amazon.com Inc (NASDAQ:AMZN) and General Motors Co (NYSE:GM) are in talks to invest in Rivian Automotive LLC in a deal that will value the U.S. electric pickup truck manufacturer at between $1 billion and $2 billion, people familiar with the matter told Reuters on Tuesday.
The deal would give Amazon and General Motors minority stakes in Rivian, the sources said. It would be a major boost for the Plymouth, Michigan-based startup, which aspires to be the first car maker to the U.S. market with an electric pickup.
If the negotiations conclude successfully, a deal could be announced as early as this month, the sources said, asking not to be identified because the matter is confidential. There is always a chance that deal talks fall through, the sources cautioned.
Amazon, General Motors and Rivian did not immediately respond to requests for comment.