Amazon and Rivian are in talks on ending their exclusivity agreement: WSJ
Amazon.com Inc. (AMZN) and Rivian Automotive Inc. (RIVN) are in talks on ending their exclusivity agreement, the Wall Street Journal reported Monday, citing people familiar with the matter. Under the terms of a deal agreed in 2019, Rivian was required to sell all of the electric vans it makes to Amazon. But the ecommerce giant told Rivian in recent months that it only wants to buy about 10,000 vans this year, the low end of a range previously provided. That led Rivian to seek to end the exclusivity terms. An Amazon spokeswoman told the Journal the company still plans to buy 100,000 vans from Rivian by 2030, while a Rivian spokeswoman said the relationship between the two "has always been a positive one." Rivian's stock was down 0.9% premarket and has fallen 63% in the last 12 months, while the S&P 500 has fallen 8%.
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March 13, 2023 08:23 ET (12:23 GMT)
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