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Amazon discloses 20% stake in EV maker Rivian -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO Rivian unveils the all-electric R1S SUV in Los Angeles at Los Angeles Auto Show on November 27, 2018, California. REUTERS/Mike Blake

(Reuters) –Amazon.com Inc., an early backer for Rivian Automotive now controls about a fifth, according to an e-commerce giant in a Friday quarterly filing.

Ford Motor (NYSE) Co., which maintains a strategic partnership with Rivian’s, has removed a member from its board of directors earlier in the month.

According to filings, Amazon had a 20% equity stake in Rivian at the close of the third quarter.

Rivian plans to also raise between $5 and $8 billion through a stock-market debut later in the year. Reuters reports that Rivian seeks a valuation of around $80 million.

T. Rowe Price, BlackRock and other pre-IPO investors were also involved in the company (NYSE:).

Amazon Thursday announced disappointing quarterly results. It warned that rising costs and a tightening labour market would impact its holiday-quarter performance.

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