Amazon owns a large stake in electric car maker Rivian

Photo: ANP

Online shopping group Amazon owns a 20% stake in the US electric car maker Rivian, worth $3.8 billion, which was turned into 3.3 billion euros. Amazon is Rivian’s largest customer, having ordered 100,000 electric vans from the company. The first 10,000 pickup trucks should be delivered to Amazon before the end of next year.

It was already known that Rivian received financial support from Amazon, but the size of the stake has now been revealed. The Ford Motor Group is also an investor in the company. In August, sources reported that Rivian was planning an initial public offering in New York, possibly in November. The company is said to be aiming for a valuation of $80 billion.

California-based Rivian has a plant in the US state of Illinois and is also said to be looking for a plant in Europe, possibly the UK. The company also plans to build a second plant in Texas for $5 billion. The Rivian is seen as a potential competitor to the much larger Tesla.

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