Amazon unveils 20% stake in electric vehicle maker Rivian – .

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Amazon unveils 20% stake in electric vehicle maker Rivian – .


A Rivian Amazon electric delivery van drives down the street with the Hollywood sign in the background.
Amazone
Amazon on Friday announced a significant stake in Rivian Automotive, a start-up developing electric vehicles, including the retail giant’s commercial delivery vans.
As of September 30, 2021, Amazon held equity interests, “including preferred shares of Rivian Automotive, Inc. representing an approximate 20% interest,” which had a book value of $ 3.8 billion, up from $ 2.7 billion. of dollars on December 31. 2020, the company disclosed in an SEC filing. Amazon has invested more than $ 1.3 billion in Rivian to date, Rivian said in a separate securities depository earlier this month.

Earlier this month, Rivian filed its IPO prospectus and announced its intention to list on Nasdaq under the ticker symbol “RIVN”. The file revealed new details about Rivian’s proximity to Amazon. Rivian is expected to go public in November.

Rivian said Amazon had exclusive rights to Rivian’s electric delivery vehicles for at least four years, and the right of first refusal after that. Amazon has ordered 100,000 vehicles by 2030. The company plans to have 10,000 new electric delivery vehicles from Rivian on the road by next year.

Ford Motors also owns a greater than 5% stake in Rivian. Ford executive Alexandra English stepped down from Rivian’s board in May, the company revealed in a securities filing earlier this month.

LOOK: Could Rivian be Ford’s new killer?

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