Amazon increases its stake in electric vehicle tech startup Rivian to 20%, bringing its total equity to $3.8 billion | Tech News

In July, electrical automobile startup Rivian announced it raised $2.5 billion in funding led by Amazon and Ford to deliver electrical pickup vehicles and supply vans to market. With the success of Tesla, Rivian is now one of many dozens of startups within the crowded EV house wanting to trip the electrical automobile revolution. The spherical, which additionally contains T. Rowe Worth, introduced the full funding raised by the corporate to about $10.5 billion.

Now, we simply realized that Amazon invested extra cash within the Plymouth, Michigan-based firm. On Friday, Amazon revealed in SEC filings that it now holds a 20% stake Rivian, with a carrying worth of $3.8 billion, up from $2.7 billion on Dec. 31. Within the submitting, Amazon mentioned:

“As of December 31, 2020 and September 30, 2021, fairness investments not accounted for underneath the equity-method and with out readily determinable honest values, together with most popular inventory of Rivian Automotive, Inc. representing an roughly 20% possession curiosity, had a carrying worth of $2.7 billion and $3.8 billion, and are recorded inside “Different property” on our consolidated stability sheets with changes acknowledged in “Different revenue (expense), web” on our consolidated statements of operations.”

As we reported again in July, Amazon mentioned again in September 2019 that it deliberate to buy 100,000 electrical autos from the start-up as a part of its push to make its fleet run solely on renewable power.

Based in 2009 by Robert J. Scaringe, Rivian is the world’s first electrical journey automobile. The corporate is growing autos, know-how, and companies that encourage individuals to get out and discover the world. Rivian is an automotive know-how firm that develops services to advance the shift to sustainable mobility.

“As we close to the beginning of auto manufacturing, it’s very important that we maintain wanting ahead and pushing by means of to Rivian’s subsequent section of progress,” Rivian CEO RJ Scaringe mentioned in a press release.

Rivian initially deliberate to launch its R1T pickup truck and R1S sport utility within the U.S. in 2020 however was later delayed. Final week, Rivian notified patrons it’s delaying deliveries of the R1T pickup till September and the R1S SUV till later within the fall. Now the corporate plans to check its electrical supply vans in 16 cities by the top of 2021.