Rivian had a rough week on the stock market; is Amazon’s electric vehicle future in danger?
Despite production delays and market upheaval, Amazon is still counting on electric vehicle startup Rivian to help it hit ambitious climate goals and put tens of thousands of electric delivery vans on the road.
Rivian is running a lean operation: The number of vehicles it produced this quarter is almost exactly equal to the number of semiconductors it had, CEO RJ Scaringe said.
Those tight margins have been spooking investors, a panic that came to a head Tuesday when Ford announced it was selling 8 million Rivian shares, starting to cut ties with the California-based company that promised to help usher in the shift to carbon-neutral transportation. Ford still holds about nearly 94 million shares.
The announcement sent Rivian’s stock plummeting 20%, but the drop was short-lived. It soared over …
More on: www.seattletimes.com