Amazon Discloses 20% Stake In EV Firm Rivian

October 29, 2021 12:18 PM | 1 min read |

E-commerce juggernaut Amazon.com Inc AMZN disclosed a 20% stake in electric vehicle manufacturer Rivian Automotive Inc, with a carrying value of $3.8 billion, up from $2.7 billion in 2020 end.
Rivian just placed an order for 100,000 battery-powered delivery vans.
Rivian previously disclosed Amazon's over $1.3 billion investment in the automaker and held almost 150 million shares of preferred stock. However, Rivian redacted Amazon's voting power as a percentage.
Ford Motor Co F has invested over $820 million in Rivian and owns over 5%.
Amazon shares are trading lower as analysts reduced their price targets following disappointing Q3 results and Q4 outlook.
Price Action: AMZN shares traded lower by 2.95% at $3,345 on the last check Friday.

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.