Amazon discloses 20% stake in EV maker Rivian

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

Oct 29 (Reuters) - Inc (AMZN.O), 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 (F.N), which has a strategic relationship with Rivian, removed a representative from the startup's board earlier this month. read more

At the end of the third quarter, Amazon had an equity interest of about 20% in Rivian, according to the filing.

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

The company's pre-IPO investors also include T. Rowe Price (TROW.O) and BlackRock (BLK.N).

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

Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta

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