The deal, if completed, would value Rivian at between $1 billion and $2 billion. The negotiations are still ongoing, but if successful the deal could be announced as early as this month.
Rivian, essentially, wants to be the Tesla Inc. (TSLA) - Get Report for pickup trucks. Tesla CEO Elon Musk had noted to investors in 2018 that he would like one of Tesla's next models to be a pickup truck. But Rivian aspires to be the first carmaker to the U.S. consumer market with an electric pickup, Reuters noted.
"We admire Rivian's contribution to a future of zero emissions and an all-electric future," GM said in an emailed statement to Reuters, declining to be specific regarding talks with Rivian.
One of Rivian's investors is Saudi Arabian auto distributor Abdul Latif Jameel Co.