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Amazon discloses 20per cent stake in EV maker Rivian

Amazon discloses 20per cent stake in EV maker Rivian

FILE PHOTO: Rivian introduces all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake

: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, 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 20per cent in Rivian, according to the filing.

Rivian is also aiming to raise between US$5 billion and US$8 billion in a stock market debut later this year, and seeking a valuation of about US$80 billion, Reuters reported in September.

The company's pre-IPO investors also include T. Rowe Price and BlackRock.

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

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

Source: Reuters

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