Amazon reveals 20% stake in electrical automobile maker Rivian

Amazon on Friday introduced a large stake in Rivian Automotive, a start-up creating electrical autos, together with the retail big’s industrial 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 mentioned in a separate securities submitting earlier this month.

Earlier this month, Rivian filed its IPO prospectus and mentioned it plans to checklist on the Nasdaq underneath 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 mentioned Amazon has some unique rights to Rivian’s electrical supply autos for not less than 4 years, and the correct of first refusal after that. Amazon has ordered 100,000 autos by 2030. The corporate plans to have 10,000 new electrical supply autos from Rivian on the highway as early as subsequent yr.

Ford Motors additionally holds a stake higher than 5% in Rivian. Ford government 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 underneath the fairness technique, not simply Rivian.

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