Amazon on Friday introduced a large stake in Rivian Automotive, a start-up creating electrical autos, together with the retail big’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 so far, Rivian stated in a separate securities submitting earlier this month.

Earlier this month, Rivian filed its IPO prospectus and stated it plans to checklist on the Nasdaq underneath the ticker image “RIVN.” The submitting revealed new particulars about how intently enjoined Rivian and Amazon are. Rivian is anticipated to carry its IPO in November.

Rivian stated Amazon has some unique rights to Rivian’s electrical supply autos for at the very least 4 years, and the precise 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 12 months.

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

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