Amazon reveals 20% stake in electric-vehicle maker Rivian

[ad_1]

Amazon on Friday announced a sizable stake in Rivian Automotive, a start-up developing electric vehicles, including the retail giant’s commercial delivery vans.

As of Sept. 30, Amazon held equity investments “including preferred stock of Rivian Automotive, Inc. representing an approximately 20% ownership interest” that had a carrying value of $3.8 billion, up from $2.7 billion on Dec. 31, 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 filing earlier this month.

An electric Amazon delivery van from Rivian cruises down the street with the Hollywood sign in the background.

Amazon

Rivian filed its IPO prospectus Oct. 1 and said it plans to list on the Nasdaq under the ticker symbol “RIVN.” The filing revealed new details about how closely enjoined Rivian and Amazon are. Rivian is expected to hold its IPO in November.

Rivian said Amazon has some 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 as early as next year.

Ford Motors also holds a stake greater than 5% in Rivian. Ford executive Alexandra English left the Rivian board in May, the company revealed in its IPO prospectus this month.

Correction: A previous headline on this story incorrectly stated the value of Amazon’s stake in Rivian. The $3.8 billion value represents all of Amazon’s equity investments not accounted for under the equity method, not just Rivian.

WATCH: Could Rivian be the new Ford killer?

[ad_2]

Source link

  • Related Posts

    How to Keep Your Pool Clean and Safe with Professional Swimming Pool Maintenance in Dubai

    Owning a swimming pool in Dubai can be a luxury, but it also comes with responsibilities. A clean and safe pool ensures a healthy and enjoyable experience for you and…

    How SV Ambulance Service Ensures Fast and Reliable Emergency Transport in Panchkula and Mohali

    When an emergency strikes, having access to quick and dependable ambulance services can save lives. SV Ambulance Service is dedicated to providing top-notch care with advanced technology and skilled professionals,…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Buy GoPotent Çmimi – Përdorimi Dhe Efekte Anësore 2025 Cijena, Gdje kupiti, Sastav, Način uzimanja, Forum, Recenzije

    JAVA BURN – ((❌ WARNING! ❌)) – JAVA BURN REVIEW – JAVA BURN WEIGHT LOSS REVIEWS – JAVA BURN COFFEE ✓Official Website:

    Cardiotensive HU – normális vérnyomás az első használattól kezdve

    Cardiotensive HU – normális vérnyomás az első használattól kezdve

    Matcha Suri Green Tea Supplements || Buy Matcha Green Tea Near Me

    Cheap Nursery Near Me Dubai – Budget-Friendly Yet High-Quality Education for Kids

    Why Every Business Needs a Digital Marketing Agency in Dubai