Amazon discloses 20% stake in EV maker Rivian
Reuters
Published Oct 29, 2021 11:28AM ET
Updated Oct 29, 2021 11:43AM ET
(Reuters) -Amazon.com Inc, an early backer of Rivian Automotive, now owns about a fifth of the electric-truck maker, the e-commerce giant disclosed in a quarterly filing on Friday.
Ford Motor (NYSE:F) Co, which has a strategic relationship with Rivian, removed a representative from the startup's board earlier this month.
At the end of the third quarter, Amazon (NASDAQ:AMZN) had an equity interest of about 20% in Rivian, according to the filing.
Rivian is also aiming to raise between $5 billion and $8 billion in a stock market debut later this year, and seeking a valuation of about $80 billion, Reuters reported in September.
The company's pre-IPO investors also include T. Rowe Price and BlackRock (NYSE:BLK).
Amazon on Thursday reported lackluster quarterly results and warned that a tightening labor market and rising costs would hurt its holiday-quarter results.
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Written By: Reuters
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