Business

Amazon reveals 20% stake in electric vehicle maker Rivian

An electrical Amazon supply van from Rivian cruises down the road with the Hollywood signal within the background.

Amazon

Amazon on Friday announced a large stake in Rivian Automotive, a start-up growing electrical autos, together with the retail large’s industrial supply vans.

As of Sept. 30, 2021, Amazon held fairness investments, “together with most well-liked inventory of Rivian Automotive, Inc. representing an roughly 20% possession curiosity,” which had a carrying worth of $3.8 billion, up from $2.7 billion in Dec. 31, 2020, 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.

Earlier this month, Rivian filed its IPO prospectus and stated it plans to listing on the Nasdaq underneath the ticker image “RIVN.” The submitting revealed new particulars about how intently 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 autos for no less than 4 years, and the proper of first refusal after that. Amazon has ordered 100,000 autos by 2030. The corporate plans to have 10,000 new electrical supply autos from Rivian on the highway as early as subsequent yr.

Ford Motors additionally holds a stake higher than 5% in Rivian. Ford government Alexandra English left the Rivian board in Might, the corporate revealed in a securities submitting earlier this month.

WATCH: Could Rivian be the new Ford killer?

Source link

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button
Immediate Peak