Amazon discloses 20% stake in EV maker Rivian

Amazon discloses 20% stake in EV maker Rivian
Amazon discloses 20% stake in EV maker Rivian   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p> -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.</p> <p>Ford Motor Co, which has a strategic relationship with Rivian, removed a representative from the startup’s board earlier this month.</p> <p>At the end of the third quarter, Amazon had an equity interest of about 20% in Rivian, according to the filing.</p> <p>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.</p> <p>The company’s pre-<span class="caps">IPO</span> investors also include T. Rowe Price and BlackRock.</p> <p>Amazon on Thursday reported lackluster quarterly results and warned that a tightening labor market and rising costs would hurt its holiday-quarter results.</p> </div>