Published October 29, 2021 12:53pm EDT
Amazon updates Rivian stake, Ford talks IPO
Rivian's IPO may value the company north of $80B
Rivian beats Tesla, Ford, GM to build first EV pickup
FoxNews.com automotive editor Gary Gastelu discusses the startup Rivian.
Amazon, an early backer of electric truck maker Rivian, has updated its ownership in the company.
AMZN AMAZON.COM INC. 102.24 +3.02 +3.04%
"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…" the e-commerce giant noted in a filing with Securities and Exchange Commission on Friday.
RIVIAN IPO COULD BE VALUED AT AROUND $80BT AROUND $80B
Rivian, which is planning an initial public offering, could be valued at around $80 billion, according to reports. That is in line with the market value of General Motors and Ford at $79 billion and $67 billion, respectively. Tesla's value crossed $1 trillion this month.
GM GENERAL MOTORS CO. 37.95 +1.47 +4.03%
F FORD MOTOR CO. 13.27 +0.35 +2.71%
TSLA TESLA INC. 177.88 +17.61 +10.99%
Amazon founder Jeff Bezos drove an electric Rivian pickup to the Blue Origin landing pad.
Jeff Bezos drove an electric Rivian pickup to the Blue Origin landing pad. (Blue Origin)
Ford, which is also a backer of Rivian, weighed in on the IPO earlier this week.
"In the event Rivian completes an IPO, Ford will record any gain on its investment in Rivian and subsequent adjustments as special items. Accordingly, Ford will recast its pre-IPO non-cash adjusted EBIT gain of about $900 million from the first quarter of 2021 as a special item" the company disclosed in its quarterly earnings.