Tuesday, November 30, 2021

Amazon raises stake in e-trucking firm Rivian

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Amazon, 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, 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 had an equity interest of about 20 percent 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.

Rivian CEO RJ Scaringe seated next to a Rivian electric truck on stage at an auto show
Amazon’s increased stake in Rivian, led by RJ Scaringe (seated), comes as another backer, Ford, has recently removed a representative from the e-truck maker’s board.
REUTERS
A man stands onstage next to an electric pickup truck with the Rivian name and logo on the screen in the background
The startup e-truck maker hopes to raise between $5 billion and $8 billion in a stock market debut later this year.
Bloomberg via Getty Images

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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