Amazon on Friday introduced a large stake in Rivian Automotive, a start-up growing electrical automobiles, together with the retail big’s business supply vans.
As of Sept. 30, Amazon held fairness investments “together with most popular inventory of Rivian Automotive, Inc. representing an roughly 20% possession curiosity” that had a carrying worth of $3.8 billion, up from $2.7 billion on Dec. 31, the corporate disclosed in an SEC submitting. Amazon has invested greater than $1.3 billion in Rivian to this point, Rivian stated in a separate securities submitting earlier this month.
An electrical Amazon supply van from Rivian cruises down the road with the Hollywood signal within the background.
Rivian filed its IPO prospectus Oct. 1 and stated it plans to record on the Nasdaq underneath the ticker image “RIVN.” The submitting revealed new particulars about how carefully enjoined Rivian and Amazon are. Rivian is predicted to carry its IPO in November.
Rivian stated Amazon has some unique rights to Rivian’s electrical supply automobiles for no less than 4 years and the proper of first refusal after that. Amazon has ordered 100,000 automobiles by 2030. The firm plans to have 10,000 new electrical supply automobiles from Rivian on the street as early as subsequent 12 months.
Ford Motors additionally holds a stake better than 5% in Rivian. Ford government Alexandra English left the Rivian board in May, the corporate revealed in its IPO prospectus this month.
Correction: A earlier headline on this story incorrectly acknowledged the worth of Amazon’s stake in Rivian. The $3.8 billion worth represents all of Amazon’s fairness investments not accounted for underneath the fairness technique, not simply Rivian.
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