DETROIT — Amazon Inc. will lead a $700 million investment round in electric vehicle startup Rivian Automotive.
The suburban Detroit company announced the investment Friday, following reports of the companies as well as General Motors being in talks earlier in the week.
A Rivian spokesman said Amazon is one of two investors in the round, which does not include GM. The other is the company's long-term investment partner Abdul Latif Jameel Co., a Saudi auto distributor.
"This investment is an important milestone for Rivian and the shift to sustainable mobility," said Rivian CEO RJ Scaringe in a release. "Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience."
Just because GM is not a part of this round does not mean the company is not in talks to invest in Rivian. Earlier in the week, Reuters first reported that Amazon and GM were in talks to make investments in Rivian that could value it at between $1 billion and $2 billion.
Rivian declined to comment on the breakdown of the $700 million investment, nor would it comment the company’s valuation.
Scaringe, speaking last month at the Automotive News World Congress, discussed partnering with other brands and potentially licensing technologies to other companies in 2019.