Amazon.com Inc. is starting delivery of packages to US customers using the first of as many as 100,000
electric vans built by Rivian Automotive Inc., which aims to hand over thousands of the vehicles this year.
Vehicle roll-out starts Thursday in Chicago, Dallas, Kansas City, Phoenix, San Diego, Seattle and St. Louis
Amazon expects to have Rivian vans deployed across more than 100 cities by year-end
Amazon has delivered 430,000 packages and driven 90,000 miles using Rivian pre-production battery-powered vans since 2021
Rivian CEO RJ Scaringe tells Bloomberg Television his company is working “as hard we can” to hit initial delivery target of 10,000 vans to Amazon by year-end
“We’ll certainly have many thousands of vehicles on the road by the end of this year, but not providing a specific number,” Scaringe says in interview to air Thursday
Scaringe says forthcoming layoffs to help company “more efficiently structure parts of the team”
Rivian is “trying to be as intentional and thoughtful in terms of what that means for the business, what that means for the individuals, as we work through that process”
Rivian has made “remarkable progress” since partnership between with Amazon was announced in 2019, Udit Madan, a transportation executive with Amazon, says in Bloomberg
Rivian shares pared an early gain of as much as 6.1% to trade up 3.3% at 3:11 p.m. in New York
There are more new automotive companies active today than at any time since the invention of the internal combustion engine. EVs have fewer moving parts and most of the value is in the battery. That significantly lowers barriers to entry. Those with sufficient capital have been able to start brands and those with continuing access to capital are likely to survive.
Click HERE to subscribe to Fuller Treacy Money Back to top