Ticker: Rivian to end exclusivity with Amazon, allow other companies to buy its electric vans;
Electric vehicle maker Rivian said Tuesday that it will allow other companies to purchase its fleet of delivery vans, ending an exclusive agreement with Amazon.
In an announcement made alongside its third quarter earnings, the Irvine, California-based car maker said the decision provides other companies more opportunity to electrify their delivery fleets and reduce carbon emissions.
The agreement with Amazon, made in 2019, included provisions that barred Rivian from selling commercial vans to other customers and provided Amazon exclusive access to the vans for four years from when it began receiving the EVs.
Rivian reiterated its pledge to help Amazon put 100,000 electric vehicles on the road by 2030. Amazon says it’s rolled out more than 10,000 so far.
More sales of Rivian vans also helps Amazon, which owns a 17% stake in the electric car company.
Red-hot stocks
Stocks that traded heavily or had substantial price changes on Tuesday:
Celanese Corp., down $3.46 to $116.57.
The chemical company gave investors a weak profit forecast.
TripAdvisor Inc., up $1.77 to $17.88.
The travel website operator reported strong third-quarter financial results.
Hims & Hers Health Inc., up 69 cents to $6.97.
The telehealth consultation company’s third-quarter subscription growth beat analysts’ forecasts.
Veeco Instruments Inc., up $2.13 to $26.99. The precision manufacturing equipment maker handily beat Wall Street’s third-quarter earnings forecasts.