2/15/2019, 7:11 PM (Source: TeleTrader)
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Rivian raises $700M in a round led by Amazon

Electric pickup truck manufacturer Rivian Automotive secured $700 million in the latest investment round, tech media outlets reported on Friday. The majority of the funding came from the largest e-retailer Amazon Inc., confirming earlier reports that the company was mulling acquiring a stake in Rivian.

The deal was previously reported to be worth between $1 billion and $2 billion and was expected to pull through in cooperation with General Motors.

Although Rivian executives stated that the company will retain its independence, neither they nor Amazon disclosed any additional details. Morgan Stanley's analyst Adam Jonas previously warned that startups such as Rivian could pose a "serious threat" to electric automotive giant Tesla Inc.

Baha Breaking News (BBN) / MA