GM and Amazon Reportedly to Invest in Rivian

Rivian R1S

The rapid growth of Amazon's e-commerce business has put pressure on the company to expand capacity and reduce its reliance on its delivery partners that include United Parcel Service Inc., FedEx Corp. and the U.S. Postal Service.

According to sources talking with Reuters, the company may get an investment from two major companies, Amazon and General Motors, giving both minority stakes in the manufacturer.

GM now sells the battery-powered Chevrolet Bolt electric crossover and has promised to introduce 20 new all-electric models by 2023, so far confirming only that one of them will be a Cadillac utility vehicle. Negotiations are reportedly still taking place, but the sources claim we may hear an official announcement some time this month. As my old Irish grandmother was fond of saying, "There's many a slip twixt the cup and the lip".

"We admire Rivian's contribution to a future of zero emissions and an all-electric future", GM said in an emailed statement, declining to specifically comment on any talks with Rivian. Amazon and Rivian did not immediately respond to requests for comment from Reuters.

At the Los Angeles Auto Show in December, Rivian announced its intention to begin production in the fourth quarter of 2020. Big names such as GM and Amazon are already poised to dump boatloads of cash into the development of future electric platforms. Both are gigantic vehicles that could well appeal to affluent customers.

Anthony Joshua to defend titles against Jarrel Miller
Joshua is one of the most popular fighters in the world and has drawn crowds in excess of 80,000 in the U.K. He also soundly defeated Johann Duhaupas in a 12-rounder sandwiched between the Wach and Adamek matches.

Amazon Digs Deeper Into Smart Home With Its Latest Acquisition
It's undisclosed how much Amazon is paying for Eero, but for what it's worth, the company paid $1 billion for Ring past year . Right when Apple has chose to get out of the router business , one of its biggest competitors is ready to jump in.

North Macedonia Puts Itself On The Map, Officially
Macedonian authorities began yesterday removing official signs from government buildings to prepare for the country's new name: North Macedonia.

Tesla CEO Elon Musk told investors last August that an electric pickup is "probably my personal favourite for the next product" from the company, though he has spoken only in general about a potential launch, saying that it would happen "right after" Tesla's Model Y, which the company has targeted to start production in 2020.

It seems Workhorse is closest to having an electric truck ready for market. Being first to market could give Workhorse a significant advantage over the competition. Rivian has raised $450 million so far, including a $200 million debt round led by Standard Chartered Bank last May.

Rivian already boasts a $500 million stake from Abdul Latif Jameel, whose investments include the USA branch of Japan's Sumitomo Bank, and the Toyota distributorship in Saudi Arabia, Kitman reported.

Since this entire report is based on the information of one unnamed individual, it must be taken with a large pinch of salt. That in itself is reason enough for optimism about the inevitability of the electric transportation revolution.

Related News:



Most liked

Savage Released on Bond From ICE Detainment
In 2005, Abraham-Joseph was issued a temporary visa which expired a year later, when he was only 13 years of age. The attorneys also said ICE was incorrect that Abraham-Joseph has a felony conviction on his record.

NASA to speak today on the fate of Mars Opportunity Rover
Deputy project scientist Abigail Fraeman was a 16-year-old high school student when Opportunity landed on Mars. It's especially frustrating, according to Callas, not knowing precisely why Opportunity-or Spirit-failed.

Meghan Markle being ‘vilified’ by press like Diana, says Clooney
Meghan laughed as a relative of one of the children showed her a photo on her phone, zooming in on the image to get a closer look. Last weekend, some media published details of an intimate letter they said Meghan has sent her estranged father.

Spike Lee casts Chadwick Boseman in first film since Blakkklansman
Lee is working on the script with Kevin Wilmott, who was also a writer on the script for Lee's Oscar nominated BlacKkKlansman . In addition to directing and co-writing, Lee will also produce Da 5 Bloods with Beatriz Levin, Lloyd Levin and Jon Kilik.

Morgan Stanley to buy Canadian employee stock manager Solium for $1.1 billion
Morgan Stanley announced on Monday that it is buying Canadian employee stock plans manager Solium Capital (TSX:SUM) for $1.1 billion.

Mammograms, breast cancer treatment saving thousands of lives
The study of 2,900 women at 34 screening centres, found tumours in 50 women aged 35 to 39 who had breast cancer in their family. The charity's chief executive, Baroness Delyth Morgan said that earlier tests could prove to be "an enormous breakthrough".

OPEC squeezes oil output to 4-year low, Russian Federation compliance low
This rate could rise in coming months as top exporter and OPEC kingpin Saudi Arabia voluntarily lowers supply by more than it agreed.

Apple's Health Records App Will Let Vets Access All VA Records 02/13/2019
That includes information about allergies, conditions, immunizations, lab results, medications, procedures, and vitals. Apple has announced that its Health Records feature on the iPhone will soon be available to military veterans.

Five-star guard Anthony Edwards commits to Georgia
He noted Georgia coach Tom Crean's relationship with two National Basketball Association stars as a factor in his decision. The Bulldogs are 10-13 overall and 1-9 in the Southeastern Conference in Crean's first season as coach.

Michelle Obama reveals hilarious text exchange with her mother after Grammys
Ms Obama delivered a message on women empowerment alongside Lady Gaga , Jennifer Lopez , Alicia Keys and Jada Pinkett-Smith, delighting the audience.

Dua Lipa’s Grammys Look Is Just as Electric as Her Nominated Single
The "stepped up" comment was referring to a remark made during last year's Grammy Awards by Recording Academy president Neil Portnow.

Jamie Redknapp: What Ole Gunnar Solskjaer needs to get Man United job
The top four is one thing but we want to be at the top and Manchester United should be at the top. PSG could also be in trouble as an item landed at the feet of Luke Shaw in the first half.

We must 'hold our nerve' on Brexit, May to tell MPs
But EU leaders insist the legally binding withdrawal agreement can't be changed. May can strike a compromise that will win over critics.

Illegal Alien Confesses to Murder of New York Woman: 'We Are Devastated'
Police say an arrest has been made in the slaying of a 24-year-old woman whose body was found stuffed inside a suitcase in CT . Autopsy results are pending in the case while a funeral for her has been scheduled for Wednesday, with a viewing on Tuesday.

'Skiplagging' passenger sued after ditching connecting flight
The hack is named after the website Skiplagged , an airfare search engine that claims to "expose loopholes to save your money". Rather than take the completing Frankfurt to Oslo leg, he instead took a different Lufthansa flight from Frankfurt to Berlin.