[TechWeb] April 15 news, according to "Fortune" magazine, people familiar with the matter said that the negotiations between GM and electric car startup Rivian have reached a deadlock, and may even be over.
GM had previously negotiated a stake in Rivian and a partnership with it. A deal could help the Plymouth, Mich.-based start-up bring its all-electric truck and SUV to market faster. At present, this electric pickup is still in the early stages of development.
GM is widely expected to join Amazon as a strategic investor in Rivian. In February, Amazon led Rivian's $700 million equity financing.
One person familiar with the matter said that the negotiations between the two sides ended in the past two weeks. Rivian founder R.J. Scaringe wants to keep his choice.
The person familiar with the matter said Rivian had asked several other potential sellers to consider it. If GM cannot find a way to restart the deal, it will continue to develop its own electric pickup truck. (foxes)