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.
Both Amazon and GM have their in-house electric auto efforts in the works, but neither company has jumped into the market of electric pickups yet.
The investments would give each company a minority stake and value the startup at $1 to $2 billion.
If the negotiations conclude successfully, a deal could be announced as early as this month, the sources said, asking not to be identified because the matter is confidential.
Neither GM nor Amazon confirmed the Rivian plans with Reuters or Bloomberg.
Like GM, Rivian's electric vehicles use a skateboard-style platform. Jonas estimates that the full-sized pickup truck segment accounts for well over 100% of global automotive profit for GM and Ford Motor Co., and the majority of Fiat Chrysler Automobiles NV's global profit. Both are very big vehicles that could well appeal to affluent customers.
During Tesla's second-quarter earnings call last August, Musk told investors that a pickup truck was "probably my personal favorite for the next product" after Model Y, an SUV model expected to hit the assembly line in November this year.
It seems Workhorse is closest to having an electric truck ready for market.
Rivian intends to begin selling its R1T, the pickup it debuted in November, in the fall of 2020. Sumitomo Corporation of America has also invested an undisclosed amount of money and Standard Chartered has provided $200 million in debt financing. The company is now backed by Abdul Latif Jameel Co (ALJ), Sumitomo Corp of Americas and Standard Chartered Bank.
Since this entire report is based on the information of one unnamed individual, it must be taken with a large pinch of salt.
Tesla is still the household name for electric vehicles, but competition is on the horizon. That in itself is reason enough for optimism about the inevitability of the electric transportation revolution.