Amazon owns a 20 % stake in Rivian

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Amazon owns a 20 % stake in electrical transport startup Rivian, in accordance with a latest SEC disclosure noticed by Bloomberg. As of September thirtieth, the corporate mentioned it held fairness investments, “together with most popular inventory of Rivian Automotive,” valued at $3.8 billion, up from $2.7 billion on the finish of 2020. That Amazon ought to personal a fifth of Rivian isn’t a surprise. In 2019, the retailer led a $700 million funding spherical within the automaker, contributing about $440 million to that complete. 
That very same yr, it introduced as a part of its 2040 local weather pledge it might buy 100,000 electrical supply automobiles from Rivian. The primary of these EVs, a cutesy van, started making deliveries in Los Angeles at first of the yr. Amazon hopes to have 10,000 of its Rivian EVs on the highway by the top of 2022.
As you may think, that has put strain on Rivian to ship for its greatest buyer. Per Bloomberg, the corporate has prioritized manufacturing vans for Amazon on the expense of its client automobiles just like the R1T and R1S. The previous was alleged to debut in 2020, however following a collection of pandemic-related delays, the primary customer-ready automobile solely rolled out of the corporate’s Regular, Illinois manufacturing unit this previous September.All merchandise beneficial by Engadget are chosen by our editorial staff, unbiased of our mum or dad firm. A few of our tales embrace affiliate hyperlinks. When you purchase one thing by way of one among these hyperlinks, we might earn an affiliate fee.

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