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.

Colleen Wachob On Navigating Her Wellness Journey As An Entrepreneur

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow 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.

Colleen Wachob On Navigating Her Wellness Journey As An Entrepreneur
Courtesy of Behind Her Empire

On this episode of Behind Her Empire, mindbodygreen co-founder and co-CEO Colleen Wachob shares her perspective on managing stress and navigating self-worth as an entrepreneur and the importance of celebrating the wins in your business.

Read moreShow less

Indji Systems Introduces Groundbreaking Hail Detection Technology to Protect Solar Panels and Prevent Millions in Damages

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow 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.

Indji Systems Introduces Groundbreaking Hail Detection Technology to Protect Solar Panels and Prevent Millions in Damages

Last week, Indji Systems, a Los Angeles-based software and online services company added its new hail detection technology to its Indji Watch platform. The latest addition to its platform comes at a time when insurers are requiring these sites to demonstrate mitigation strategies and protocols to prevent significant damage to its assets and solar panels.

The cloud based software that was announced in 2008 aims to equip solar industry players with capabilities to anticipate hail events and implement effective defensive measures for its sites.

Read moreShow less

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow 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.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

***

Read moreShow less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending