Home/Magazine/Amazon raises stake in e-trucking firm Rivian

Amazon raises stake in e-trucking firm Rivian

PawsonNovember 1, 2023Magazine

Amazon, 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.

Ford, which has a strategic relationship with Rivian, removed a representative from the startup’s board earlier this month.

At the end of the third quarter, Amazon had an equity interest of about 20 percent in Rivian, according to the filing.

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.

The company’s pre-IPO investors also include T. Rowe Price and BlackRock.

Amazon on Thursday reported lackluster quarterly results and warned that a tightening labor market and rising costs would hurt its holiday-quarter results.

Source link

Published November 1, 2023. This report is kept as filed. Figures, prices, job titles and any live scores in it are those of the publication date and are not updated.

This report was filed to the Magazine desk on November 1, 2023 and is kept at the address it was published under, with the figures and job titles it carried that day. Nearest to it in time on the same desk: Facebook’s new Meta watch to rival Apple is leaked online (October 31, 2023), Tinder founder deleted emails during battle with Barry Diller’s IAC: docs (November 2, 2023), I lost out on $6M fortune by selling Dogecoin a day too early (November 3, 2023). The desk holds 29 reports in all, and The Wire lists everything this edition has published in the order it appeared. Corrections to an archive report are made on the page itself: the newsroom address takes them, and our editorial standards say what we change and what we leave as filed.

Filed underMagazine The Wire