Amazon leads $700-mn equity investment in Tesla’s rival Rivian Automotive

Amazon.com led a $700 million equity investment in Rivian Automotive LLC, the electric pickup and SUV maker that debuted its first vehicle concepts late last year.

The backing from Amazon will bolster Michigan-based Rivian’s plans to bring an electric truck to market late next year. Rivian remains in talks with General Motors Co. about the largest U.S. automaker also making an investment, people familiar with the matter said.

The support of the world’s top online retailer signals potential for a partnership on delivery vehicles down the road. Chief Executive Officer R J Scaringe said in his first interview since reports of Rivian’s talks with Amazon and GM surfaced earlier this week that he was seeking companies that could help the electric-vehicle maker grow.