Rivian wants out of its exclusive agreement with Amazon for EV delivery trucks

Rivian wants retired of its exclusive statement with Amazon for the EV maker's electrical transportation trucks, a institution spokeswoman said Monday.

Rivian and Amazon struck a woody successful 2019 to manus implicit 100,000 electrical trucks to the e-commerce giant. Amazon began delivering packages with the vehicles successful July, and Rivian past period touted 10 cardinal packages delivered via the vans.

But Amazon, Rivian's largest shareholder, has since underwhelmed with its bid numbers, telling Rivian it wanted to bargain astir 10,000 vehicles this twelvemonth — the debased extremity of a antecedently stated range.

"Our narration with Amazon has ever been a affirmative one—we proceed to enactment intimately together, and are navigating a changing economical climate, akin to galore companies," Rivian spokeswoman Marina Norville said successful a statement.

Representatives for Amazon didn't instantly respond to a petition for comment.

The Wall Street Journal archetypal reported the discussions to extremity exclusivity.

Eliminating the exclusivity portion of the statement would let Rivian to tribunal caller customers arsenic it works to ramp accumulation of the vans and its R1 bid pickup and SUV. The institution is besides moving connected a forthcoming R2 exemplary and is successful request of cash.

Last week, Rivian announced plans to raise $1.3 billion via a merchantability of convertible notes to assistance money R2 improvement and launch.

Shares of Rivian fell astir 3% successful premarket trading Monday.