- Advertisement -
- Advertisement -
NewsAmazon reveals 20% stake in electric vehicle maker Rivian...

Amazon reveals 20% stake in electric vehicle maker Rivian worth $3.8 billion

-

- Advertisment -

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, 2021, Amazon held equity investments, “including preferred stock of Rivian Automotive, Inc. representing an approximately 20% ownership interest,” which had a carrying value of $3.8 billion, up from $2.7 billion in Dec. 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 filing earlier this month.

Earlier this month, Rivian filed its IPO prospectus 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 a securities filing earlier this month.

WATCH: Could Rivian be the new Ford killer?

Source: DUK News

- Advertisement -

Latest news

Lupita Nyong’o drops out of The Lady In The Lake miniseries as co-lead and executive producer

Lupita Nyong’o has dropped out of the upcoming miniseries The Lady In The Lake, an adaption of the 2019...

Jasmine Hartin is arrested AGAIN for ‘ordering a hit on Belize police commissioner’

The Canadian socialite awaiting trial for 'accidentally' shooting dead a cop in Belize is back in custody over explosive...

Stephanie Hamill Husband: Is She Leaving Her Fox5 Fmr? Her Age Revealed

A look at Stephanie Hamill Husband: Stephanie Hamill is an American political analyst, writer, television producer, and political journalist...

America’s Got Talent: Simon Cowell casts deciding vote to send singer Victory Brinker to finals

Simon Cowell cast the deciding vote Wednesday to send young opera singer Victory Brinker to the season 16 finals...
- Advertisement -

Find someone who loves you as much as Joe Biden loves putting Kamala Harris on school buses  – twitchy.com

Earlier, we told you about Nina Jankowicz’s tragic tale of woe on CNN last night about how her ability...

Agony for gap year students as charity which has sent thousands of volunteers collapses

Gap year students could lose thousands of pounds after a charity collapsed on Thursday. Raleigh International, a charity used by the...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you

- Advertisement -