Amazon raises stake in e-trucking firm Rivian

Amazon, an aboriginal backer of Rivian Automotive, present owns astir a 5th of the electric-truck maker, the e-commerce elephantine disclosed successful a quarterly filing connected Friday.

Ford, which has a strategical narration with Rivian, removed a typical from the startup’s committee earlier this month.

At the extremity of the 3rd quarter, Amazon had an equity interest of astir 20 percent in Rivian, according to the filing.

Rivian is besides aiming to raise betwixt $5 cardinal and $8 cardinal successful a banal marketplace debut aboriginal this year, and seeking a valuation of astir $80 billion, Reuters reported successful September.

The company’s pre-IPO investors besides see T. Rowe Price and BlackRock.

Amazon’s accrued involvement successful Rivian, led by RJ Scaringe (seated), comes arsenic different backer, Ford, has precocious removed a typical from the e-truck maker’s board. REUTERS

The startup e-truck shaper hopes to rise betwixt $5 cardinal and $8 cardinal successful a banal marketplace debut aboriginal this year.Bloomberg via Getty Images

Amazon connected Thursday reported lackluster quarterly results and warned that a tightening labour marketplace and rising costs would wounded its holiday-quarter results.