#Amazon raises stake in e-trucking firm Rivian
“#Amazon raises stake in e-trucking firm Rivian”
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.
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
For forums sites go to Forum.BuradaBiliyorum.Com
If you want to read more News articles, you can visit our News category.