Rivian looks to sell electric vans to more customers than Amazon
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Rivian Automotive (NASDAQ:RIVN) is on watch after a report indicated that the electric vehicle maker is in talks to scrap an exclusivity deal with Amazon (AMZN) and sell vans to other customers.
Rivian (RIVN) is currently required to sell all of the vans it makes to Amazon (AMZN) as part of a deal between the companies that also includes an equity stake by the Seattle e-commerce giant.
The Wall Street Journal reported that Amazon (AMZN) notified Rivian (RIVN) that it wanted to buy about 10K vans this year, which is a level at the low end of a range it previously provided to the company. The low van order has led to Rivian over the last few weeks to push to end the exclusivity arrangement and sell to other customers.
Amazon statement: "Rivian remains an important partner for Amazon, and we're excited about the future."
Rivian statement "Our relationship with Amazon has always been a positive one. We continue to work closely together and are navigating a changing economic climate, similar to many companies."
Shares of Rivian Automotive (RIVN) fell 1.85% premarket to $13.90.
The Seeking Alpha Quant Rating on Rivian recently flipped back to Sell.