Amazon has massive stake in Rivian, SEC says

Ecommerce powerhouse Amazon has disclosed a 20% stake in Rivian, an electric vehicle company in Normal, Ill., An SEC filing reveals.

Amazon filed a Document 10-Q with the SEC earlier today, which summarized the company’s financial situation and data at the end of Q3 2021. In the filing, Amazon said at the end of September 30, 2021 that the automaker owned about 20% of Rivian as part of a partnership that was revealed at the end of 2019.

“As of December 31, 2020 and September 30, 2021, investments not recognized using the equity method and without easily determinable fair value, including the preferred shares of Rivian Automotive, Inc. representing a participation of approximately 20%, had a book value of $ 2.7 billion and $ 3.8 billion, and are recorded in “Other assets” on our Consolidated Balance Sheets with adjustments recorded in “Other income (expense), net” of our consolidated income statements, ”Amazon wrote in its 10-Q file. Bloomberg originally reported the story.

Amazon has been a regular contributor to Rivian’s fundraisers, which take place quarterly. Amazon led the business in early 2019 with a contribution of $ 700 million. Eventually, Amazon would order 100,000 electric vans from Rivian as part of Amazon’s Climate Pledge, which aimed to reduce the company’s carbon footprint. The vans are in development and have been tested in several cities across the United States in 2021, and Rivian is expected to deliver 10,000 delivery vans by the end of the year. However, there are indications that Rivian was having initial production issues with his R1T pickup truck, only building a few units per week.

Rivian also said in a filing earlier this year that Amazon had invested more than $ 1.3 billion in the automaker and held nearly 150 million shares. The percentage of ownership was unknown until Amazon’s filing this morning, which clarified the company’s interests in the automaker.

Rivian’s latest investment round brought in $ 2.5 billion, bringing the company’s total investment portfolio to $ 10.5 billion. It was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company, as well as funds and accounts advised by T. Rowe Price.

Rivian announces $ 2.5 billion funding round, bringing total to $ 10.5 billion

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Amazon has massive stake in Rivian, SEC says

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