Rivian Automotive (NASDAQ: RIVN) is increasing its market, and buyers are cheering the information right now. Shares of the electrical truck and van maker jumped practically 5% Monday morning and had been nonetheless up by 3.4% as of 1:15 p.m. ET.
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Buyers already knew the corporate was including to its electric vehicle (EV) lineup with its next-generation R2 SUV platform beginning subsequent 12 months. However right now it formally introduced it’s increasing the marketplace for its industrial supply vans as nicely.
Extra excellent news from Rivian
Whereas primarily identified for its electrical pickup vehicles and SUVs, Rivian additionally sells electrical industrial supply vans to Amazon. The web retailer was an early investor in Rivian, and the EV maker has been delivering on an current 100,000-vehicle industrial truck order for Amazon.
Rivian beforehand introduced that the exclusivity clause had ended for these supply vans. Now, the corporate has made it official that any buyer can order what it’s now formally calling its Rivian Industrial Automobile. Fleet clients can order any amount for his or her companies, even only a single automobile.
That opens its market as much as extra than simply supply corporations. Its two fashions begin with a base value of $79,900, and the corporate mentioned there was curiosity from a variety of potential clients. They embody meals and floral supply companies, tradesmen like plumbers and electricians, and even canine groomers.
Rivian will doubtless speak extra about its industrial automobile program when it reviews fourth-quarter outcomes on Feb. 20. That is when buyers may get extra excellent news from the EV maker. It’s anticipated to announce that it achieved a positive gross profit for the primary time. That is one step towards true profitability, and buyers hope increasing its industrial EV gross sales will assist it notice that final objective.
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John Mackey, former CEO of Entire Meals Market, an Amazon subsidiary, is a member of The Motley Idiot’s board of administrators. Howard Smith has positions in Amazon and Rivian Automotive. The Motley Idiot has positions in and recommends Amazon. The Motley Idiot has a disclosure policy.
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