Rivian Says Parts Shortage Stalls Amazon Delivery-Van Production
By Dean Seal
Electric-vehicle maker Rivian Automotive said it had suspended production of electric delivery vans used by Amazon.com, citing a parts shortage.
A spokesperson for the Irvine, Calif., company said in a statement that the shortage had temporarily affected production, but that the company expects "to recover all missed production."
Amazon founder Jeff Bezos placed a $7 billion order with Rivian in 2019 for a fleet of 100,000 electric delivery vans by the end of this decade. So far, the company has shipped more than 10,000 of the vans, which are assembled at a facility in Normal, Ill.
Amazon is also Rivian's largest shareholder, currently holding a 16% stake in the company, according to FactSet.
Rivian shares were recently down 4.1% at $13.19.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 16, 2024 15:26 ET (19:26 GMT)
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