The rumor reported earlier this week that Amazon and General Motors would be heavily investing in electric vehicle maker Rivian turned out to be only partially true. Rivian announced this morning that Amazon has, in fact, led an investment round of $700 million, driving the value of the Michigan-based company over a billion dollars and elevating it to unicorn status.

“This investment is an important milestone for Rivian and the shift to sustainable mobility,” said R.J. Scaringe, founder and CEO of Rivian. “Beyond simply eliminating compromises that exist around performance, capability and efficiency, we are working to drive innovation across the entire customer experience. Delivering on this vision requires the right partners, and we are excited to have Amazon with us on our journey to create products, technology and experiences that reset expectations of what is possible.”

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