Amazon, an early supporter of Rivian Automotive, now owns about a fifth of the electric truck maker announced in a quarterly release on Friday.

Ford, which has a strategic relationship with Rivian, removed a representative from the startup’s board of directors earlier this month.

At the end of the third quarter, Amazon reportedly held an approximately 20% stake in Rivian.

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

Amazon reported lackluster quarterly results Thursday, warning of a tight labor market and rising costs would affect the results of the vacation quarter.

Ref: https://nypost.com