Autos

Amazon takes $7.6 billion loss on Rivian stake from Q1 stock plunge

0


R.J. Scaringe, Rivian’s 35-year-old CEO, introduces his company’s R1T all-electric pickup and all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, November 27, 2018.

Mike Blake | Reuters

Amazon invested in electric vehicle maker Rivian in 2019 as part of a plan to go green. During the first quarter, it saw nothing but red.

In its earnings report on Thursday, Amazon took a $7.6 billion loss on its stake in Rivian. Shares of the EV manufacturer plummeted by more than 50% in the first three months of 2022, reversing course from the fourth quarter, when the company held its stock market debut and saw its value skyrocket.

While Amazon has big ambitions for Rivian, signing an…



Source cnbc.com

0 0 votes
Article Rating

California subpoenas Exxon for details on role in plastic pollution

Previous article

Intel (INTC) earnings Q1 2022

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Autos