Amazon challenges Tesla by leading $700 million investment into electric truck startup Rivian

From Reuters — Amazon.com said Friday it would lead a $700 million investment in U.S. electric pickup truck startup Rivian Automotive, in the e-commerce giant’s biggest bet on technologies with potential to reshape the automotive sector.

The deal represents a major endorsement of Rivian’s electric vehicle technology by the world’s largest online retailer. Amazon is hoping Rivian will assist it in its development of delivery vehicles that will bolster its logistics network, according to a person familiar with the matter who asked not to be identified discussing the confidential strategy.

Rivian could ultimately be valued at between $3 billion and $4 billion, one of the sources said.