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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.
According to reports, Rivian aims to raise between $5 billion and $8 billion in its market debut in November and is targeting a valuation of between $70 billion and $80 billion.
Since 2019, Amazon has regularly participated in Rivian’s fundraising rounds, starting with a $440 million investment.
That same year, Amazon announced it would purchase 100,000 electric delivery vans from Rivian as part of its 2040 climate pledge.
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