FILE PHOTO: Rivian introduces all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake
October 29, 2021
(Reuters) -Amazon.com Inc, 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 Motor Co, 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% 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.
Amazon on Thursday reported lackluster quarterly results and warned that a tightening labor market and rising costs would hurt its holiday-quarter results.
(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)
Source: One America News Network
