Rivian Seeks New Customers for Electric Vans as Amazon Exclusivity Ends
Rivian plans to expand its customer base for its battery-powered delivery vehicles as its exclusive deal with Amazon comes to an end. The company aims to sell its electric vans to new buyers while also increasing its production target for electric pickups, SUVs, and vans in 2023. Rivian reported better-than-expected quarterly results, with record revenue of $1.34 billion and a net loss of $1.37 billion. The end of the exclusive deal with Amazon allows Rivian to sell more delivery vans, which carry higher margins than consumer vehicles. Despite concerns about a potential economic slowdown and interest rates, Rivian remains confident in the transition to electric vehicles.