Amazon Stake in Rivian Disclosed as 20%

A Rivian R1T pickup truck
A Rivian R1T pickup truck. (Hannah Elliott/Bloomberg News)

[Stay on top of transportation news: Get TTNews in your inbox.] Inc. owns a 20% stake in electric vehicle maker Rivian Automotive Inc., the startup with which it has placed an order for 100,000 battery-powered delivery vans, the e-commerce giant disclosed Oct. 29 in a securities filing.

As of Sept. 30, Amazon held equity investments “including preferred stock of Rivian Automotive Inc. representing an approximately 20% ownership interest,” with a carrying value of $3.8 billion — up from $2.7 billion at the end of 2020, Amazon said in the filing.

Rivian is seen as a genuine contender in the EV market and potential rival to incumbent Tesla Inc. The startup has raised more than $10.5 billion from investors to date and is seeking a valuation of $80 billion in an IPO later this year. 

Rivian said in a filing last week that it could post a quarterly loss of as much as $1.28 billion as it ramps up production on its debut EV, a battery-electric pickup called the R1T.

Irvine, Calif.-based Rivian had disclosed in a separate filing earlier this year that Amazon had invested more than $1.3 billion in the automaker and held almost 150 million shares of preferred stock. However, Amazon’s voting power as a percentage was redacted.

A representative for Rivian declined to comment.

Peter Krawiec, a senior vice president of worldwide corporate and business development at Amazon, is on Rivian’s board. The Seattle-based company’s order for electric delivery vans extends through the end of the decade, with the first 10,000 units due before the end of next year.

Other investors include Ford Motor Co., which has invested more than $820 million in Rivian and holds a stake greater than 5%. Ford vacated its Rivian board seat earlier this month.

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