Amazon Bought More From Rivian Than Trucks - How About 20% Of Their Company

October 29, 2021: Reuters reported that Amazon.com Inc, 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 Motor Co F.N, 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% 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 TROW.O and BlackRock BLK.N.

Amazon on Thursday reported lackluster quarterly results and warned that a tightening labor market and rising costs would hurt its holiday-quarter results.

(Reporting for Reuters by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)