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Amazon.com Inc (AMZN), an early backer of Rivian Automotive Inc, now owns about a fifth of the electric truck startup, the e-commerce giant disclosed in a quarterly filing with the US Securities and Exchange Commission (SEC).
As of Sept. 30, Amazon held equity investments representing a 20% ownership interest that had a carrying value of $3.8 billion, up from $2.7 billion at the end of 2020, according to the company's latest Form 10-Q.
In a separate Form S-1 filing in early October for Rivian's planned IPO, Rivian disclosed that Amazon has invested $1.345 billion to date, but the percentage of ownership was unknown until the online retailer’s most recent filing on Friday.
Founded in 2009, Rivian has raised about $10.5 billion from investors, a roster that includes BlackRock, Ford, D1 Capital Partners and T. Rowe Price.
Since 2019, Amazon has regularly participated in Rivian’s fundraising rounds, starting with a $440 million investment.
According to Bloomberg News, the Irvine, California-based EV startup has prioritized making vans for its biggest customer, Amazon, at the expense of bringing its highly-anticipated EV trucks to market.
Rivian has delayed the launch of its first two cars — the $73,000 R1T pickup and the $75,500 R1S sport utility vehicle — at least twice. The former was scheduled to debut last year, but after a series of pandemic-related delays, the first truck only rolled off Rivian’s assembly line this past September.
Source: Equities News