Following rumors that General Motors and Amazon would acquire minority stakes in the startup, Tesla rival Rivian has confirmed a $700 million investment from the two giants, bringing the value of the startup to around $2 billion.
This deal allows GM and Amazon to capitalise on the growing market of zero-emission vehicles.
Rivian, a startup based in Michigan, burst onto the US market with its stylish electric pickup, the R1T. First presented at the LA Auto Show in November, the five-seater EV will go on sale in 2020 with three battery variants that enable ranges of up to 400 miles.
In recent times, Amazon has shifted its focus over to startups in the mobility industry, investing over $500 million in autonomous startup Aurora.
GM has also been heavily involved in this space, looking to build a line up of electric off-road vehicles in 2021. The investment in Rivian will now allow it to further expand its lineup to electric pickups.
Previous investors include Saudi car distributor AJL ($500M), Sumitomo (undisclosed) and Standard Chartered Bank ($200M).