Amazon reveals 20% stake in electric vehicle maker Rivian


An electrical Amazon supply van from Rivian cruises down the road with the Hollywood signal within the background.

Amazon

Amazon on Friday announced a large stake in Rivian Automotive, a start-up growing electrical automobiles, together with the retail big’s business supply vans.

As of Sept. 30, 2021, Amazon held fairness investments, “together with most well-liked inventory of Rivian Automotive, Inc. representing an roughly 20% possession curiosity,” which had a carrying worth of $3.8 billion, up from $2.7 billion in Dec. 31, 2020, the corporate disclosed in an SEC submitting. Amazon has invested greater than $1.3 billion in Rivian to this point, Rivian stated in a separate securities submitting earlier this month.

Earlier this month, Rivian filed its IPO prospectus and stated it plans to checklist on the Nasdaq below the ticker image “RIVN.” The submitting revealed new particulars about how carefully enjoined Rivian and Amazon are. Rivian is predicted to carry its IPO in November.

Rivian stated Amazon has some unique rights to Rivian’s electrical supply automobiles for not less than 4 years, and the fitting of first refusal after that. Amazon has ordered 100,000 automobiles by 2030. The corporate plans to have 10,000 new electrical supply automobiles from Rivian on the street as early as subsequent yr.

Ford Motors additionally holds a stake larger than 5% in Rivian. Ford govt Alexandra English left the Rivian board in Could, the corporate revealed in a securities submitting earlier this month.

Correction: A earlier headline on this story incorrectly acknowledged the worth of Amazon’s stake in Rivian. The $3.8 billion worth represents all of Amazon’s fairness investments not accounted for below the fairness methodology, not simply Rivian.

WATCH: Could Rivian be the new Ford killer?



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