This News Should Have Elon Musk Breaking Out in a Cold Sweat - Amazon Owns 20% of Rivian

As of now, Inc owns some 20% of EV truck maker Rivian, and the depth of those pockets should make Elon Musk more than a bit jumpy. Amazon revealed that information during a quarterly filing Friday.
Amazon and Rivian 8 photos
Photo: Rivian Motors
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Ford Motor Co, which also boasts a ‘strategic relationship’ with Rivian, did recently remove a representative from the startup truck maker's board, and that move is likely due to Rivian’s plans for a public offering.

Ford exec Alexandra Ford English left the startup’s board, and Rivian made that information public as well early in October. A Ford vice president, Doug Power, took her place in June, but he stepped down in September.

Ford spokesperson Ian Thibodeau says the automaker is "still exploring ways for potential collaboration" with Rivian. Also, he added that seats on the board would not be maintained as Rivian went public.

Rivian had no comment on the moves and revelations beyond documents the company filed with U.S. regulators, and they say that silence is in keeping with a ‘quiet period’ required ahead of the IPO.

Ford has invested a total of more than $820 million in Rivian, but no information was released ahead of a $2.5 billion funding round Rivian revealed in July.

At the end of the third quarter, Amazon owned an equity interest of about 20% in Rivian.

Rivian also plans to raise an additional $5 billion to $8 billion as a result of the IPO set for later this year, and Rivian's pre-IPO investors include finance heavyweights T. Rowe Price and BlackRock.

While Musk did score a major publicity hit when Hertz agreed to pay for 100,000 Model 3’s from Tesla, it’s Uber’s participation in the deal which is raising questions. As part of that deal, Uber and Hertz said that Uber drivers will be able to rent Tesla Model 3’s from Hertz starting November 1. The plan calls for the rental car company to offer 50,000 Teslas to rideshare workers by 2023.

What Hertz revealed is that it plans to offer up to 150,000 Model 3 units to Uber drivers in the next three years if the program is successful - and that success is certainly not guaranteed.
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