Guiding your life’s biggest financial moments

Autos

Amazon-backed EV company Rivian delays R1S SUV deliveries – reports

The company logo is seen on a Rivian R1T pickup, the Amazon-backed electric vehicle (EV) maker, as it is parked outside the Nasdaq Market site during the company’s IPO in Times Square in New York City, U.S., November 10, 2021. REUTERS/Brendan McDermid

Nov. 24 (Reuters) – Amazon-backed electric vehicle (EV) maker Rivian Automotive Inc (RIVN.O) has started advising customers who have booked the R1S SUV of delivery delays, media reported on Wednesday.

Its shares fell 4.5% to $ 114.31 in afternoon trading.

The company previously announced that R1S would begin production at the Normal, Illinois plant in December, with first deliveries expected in January.

Rivian has now started emailing customers to let them know the delivery window has changed between May and July at the earliest, according to InsideEVs and Electrek media. (https://bit.ly/3rcqbYJ) (https://bit.ly/3G0BPdp)

Reuters could not independently verify the information and Rivian was not immediately available for comment.

The startup, rich in cash from a successful $ 100 billion IPO, has announced plans for a second plant in the United States and it wants to eventually open factories in Europe and China as well. He did not provide a location or timeline for the second US plant.

The company’s shares had jumped 53% on its Nasdaq debut on Nov. 10, solidifying Rivian’s position as the second-most valuable U.S. automaker. Read more

Our Standards: Thomson Reuters Trust Principles.

You may also like...

Leave a Reply