(Bloomberg) -- General Motors Co. and Amazon.com Inc. are in discussions to invest in electric truckmaker Rivian Automotive LLC in a deal valuing the startup at between $1 billion and $2 billion, said people familiar with the matter.
The Plymouth, Michigan-based startup is working on an electric pickup truck and debuted a concept version at the Los Angeles Auto Show in November. Talks are progressing but aren’t close to a deal yet, said one of the people, who asked not to be identified because the negotiations are private.
GM has talked openly about possibly selling a plug-in pickup. When asked about the need to build one at the Wolfe Research Global Auto Industry Conference in January, Chief Executive Officer Mary Barra replied: “stay tuned.”
“We admire Rivian’s contribution to a future of zero emissions and an all-electric future,” Pat Morrissey, a GM spokesman, said in a statement. Amazon didn’t immediately respond to a request for comment, and Michael McHale, a spokesman for Rivian, declined to comment.
Reuters reported the talks earlier Tuesday.
--With assistance from Gabrielle Coppola and Spencer Soper.
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