Amazon Discloses 20% Stake in Electric Vehicle Startup Rivian, Makers of Future Delivery Van

Kurt Schlosser, GeekWire
Kurt Schlosser covers the Geek Life beat for GeekWire. A longtime journalist, photographer and designer, he has worked previously for NBC News, msnbc.com and the Seattle P-I.
Amazon Discloses 20% Stake in Electric Vehicle Startup Rivian, Makers of Future Delivery Van
www.flickr.com

As it waits on its order of tens of thousands of delivery vans, Amazon revealed Friday that it has a 20% stake in Rivian, the electric vehicle maker that it's been heavily investing in since 2019.

In a new SEC filing, the tech giant disclosed an equity interest in the startup, which is part of its overall equity investments carrying value of $3.8 billion, up from $2.7 billion at the end of 2020.

As of December 31, 2020 and September 30, 2021, equity investments not accounted for under the equity-method and without readily determinable fair values, including preferred stock of Rivian Automotive, Inc. representing an approximately 20% ownership interest, had a carrying value of $2.7 billion and $3.8 billion, and are recorded within "Other assets" on our consolidated balance sheets with adjustments recognized in "Other income (expense), net" on our consolidated statements of operations.

Amazon has backed Rivian through its Climate Pledge Fund, which is aimed at investing in companies that accelerate Amazon's pledge to be net zero carbon across its businesses by 2040. Amazon was among lead investors in a $2.5 billion financing round in Rivian in July and previously backed Rivian in 2019 in rounds of $700 million and $1.3 billion.

Founded in 2009, Rivian has raised about $10.5 billion to date. It announced plans this summer to go public at a reported valuation of $80 billion.

Amazon ordered 100,000 electric delivery vans through Rivian and said last October that it hoped to have 10,000 of them on the road as early as 2022.

The EV maker has begun production and delivery of its R1T all-electric pickup truck and will launch the R1S sport utility vehicle in December.

This story first appeared on GeekWire.

Subscribe to our newsletter to catch every headline.

Cadence

Netflix Updated Its Culture Memo for the First Time in 5 Years to Address Censorship, Secrecy

Kristin Snyder

Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.

Netflix Updated Its Culture Memo for the First Time in 5 Years to Address Censorship, Secrecy
Photo by Venti Views on Unsplash

Netflix promised change after its poor first-quarter earnings. One of the first targets: the Netflix Culture document.

The changes, which Variety reported on Thursday, indicate a new focus on fiscal responsibility and concern about censorship. While promises to support honest feedback and open decision-making remain, the memo’s first update in almost five years reveals that the days of lax spending are over. The newly added “artistic expression” section emphasizes Netflix’s refusal to censor its work and implores employees to support the platform’s content.

Read more Show less

‘Raises’: Mahmee Secures $9.2M, Wave Financial Launches $60M Fund

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Raises
Image by Joshua Letona
In this week’s edition of “Raises”: It was another slow week on the deal front, but one maternal health startup, with a mission to fight maternal mortality, landed a deal with growth equity business Goldman Sachs. Meanwhile, a Los Angeles-based investment firm is launching its 8th digital asset fund of $60 million.
Read more Show less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending