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Home / Business / Amazon, GM eye investment that would value Rivian at $ 1 billion to $ 2 billion, Reuters reports | Local business

Amazon, GM eye investment that would value Rivian at $ 1 billion to $ 2 billion, Reuters reports | Local business



NORMAL – Rivian Automotive, planning to build the country's first electric trucks along with the SUVs in Normal, is talking about an investment by Amazon and General Motors that will value the company between $ 1 billion and $ 2 billion, Reuters reported Tuesday.

The two companies can receive minority posts in Plymouth, Mich. -Based startup in a deal that could be terminated and announced this month, Reuters reported, and quoted sources that were not identified because the case is confidential.

The sources noted that the talks are unable to reach an agreement, Reuters reported.

Amazon, General Motors and Rivian did not respond promptly to Reuters comment requests. Normal Mayor Chris Koos and Mike O & # 39; Grady, interim CEO of the Bloomington-Normal Economic Development Council, did not return calls seeking comment on Tuesday night.

Rivian, who plans to employ as many as 1

,000 employees to produce the "electric adventure" vehicles in the Twin Cities, revealed a 5-person pickup truck – R1T and R1S SUV in November at the Los Angeles Auto Show.

The vehicles appear in showrooms at the end of 2020.

"We are launching Rivian with two cars reflecting the pickup and SUV segments," rivian founder and CEO RJ Scaringe said in a statement at the time of the vehicle's discovery . "I started Rivian by delivering products that the world doesn't already have – to redefine expectations through the use of technology and innovation. From a clean sheet of paper, we've spent years developing the technology to deliver the ideal vehicle for active customers."

The pickup, starting at $ 61,500, is expected to travel between 250 and 400 miles on a single fee, depending on the model, and is expected to haul up to 5000 kg or more than 11,000 pounds.

The SUV, which starts at around $ 70,000, can travel up to 400 miles on a single charge, the company said, and has a towing capacity of 3,500 kilos.

The basic models for each vehicle will reach 60 km / h for 3 seconds, according to Rivian.

Rivian, who received performance-based incentives from state and local government, paid $ 16 million to the former Mitsubishi Motors North America facility at Normal's West Side in 2017.

The city's officials said in November that Rivian had already surpassed Their references for a full property tax at the factory for 2018, invested $ 10 million and hired 35 people. The plant had 60 workers at that time.

Rivian had about 600 workers at that time over not only Normal but also facilities near Detroit, Los Angeles and San Francisco.

] In November, Koos said the company could employ 500 when it reaches full production by 2020.

"It will never be as popular as the Mitsubishi plant, but will probably be high production, "Koos said.

Mitsubishi spent approx. 3000 in Normal at its peak. The plant had 1,200 employees when it ceased production in November 2015.

This story will be updated.


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