Back in 2019, Rivian pledged to sell all the electric delivery vans it produces to Amazon. However, Amazon only placed an order of 10,000 vans for 2023, which is far below the expected figure. As a result, Rivian now reportedly wants to remove the exclusivity clause, a move that would allow them to offer the vans to other companies as well.

When reached out to by The Wall Street Journal, Rivian spokeswoman reiterated their 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,” Rivian spokeswoman added.

On the other hand, an Amazon spokeswoman told the media outlet that the company still plans to stick to their original agreement and purchase 100,000 Rivian electric delivery vans by 2030. Amazon owns a 17% stake in Rivian, making them the EV maker’s largest shareholder.

Rivian stock has been sliding since early March after the company announced a decision to sell $1.3 billion in bonds to raise capital. It traded at $13.73 per share on Monday, which is almost 21 percent down year-to-date.

The post Rivian and Amazon Renegotiating Exclusive Electric Delivery Vans Agreement appeared first on theprimarymarket.com.

Back in 2019, Rivian pledged to sell all the electric delivery vans it produces to Amazon. However, Amazon only placed an order of 10,000 vans for 2023, which is far below the expected figure. As a result, Rivian now reportedly wants to remove the exclusivity clause, a move that would allow them to offer the vans to other companies as well.

When reached out to by The Wall Street Journal, Rivian spokeswoman reiterated their 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,” Rivian spokeswoman added.

On the other hand, an Amazon spokeswoman told the media outlet that the company still plans to stick to their original agreement and purchase 100,000 Rivian electric delivery vans by 2030. Amazon owns a 17% stake in Rivian, making them the EV maker’s largest shareholder.

Rivian stock has been sliding since early March after the company announced a decision to sell $1.3 billion in bonds to raise capital. It traded at $13.73 per share on Monday, which is almost 21 percent down year-to-date.

The post Rivian and Amazon Renegotiating Exclusive Electric Delivery Vans Agreement appeared first on theprimarymarket.com.