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Rivian Automotive Inc is ready to take on more commercial partners beyond Amazon.com Inc after a recent bout of production success.
“What we saw in Q2 is really the beginnings of the supply chain now running in a healthy way,†Chief Executive Officer RJ Scaringe said in an interview with Bloomberg Television.
Rivian sells a consumer pickup truck and sport utility vehicle and manufactures a delivery van for Amazon, its largest shareholder and biggest customer. The deal with Amazon is exclusive, but Scaringe said the carmaker is “in the final stages of negotiating, allowing us to sell the vehicle outside of the Amazon relationship to others.â€
The electric-vehicle company reported quarterly production and deliveries that exceeded Wall Street’s expectations, helping to send shares up more than 45% over six trading days.
It also reiterated plans to build 50,000 electric cars this year, lower than some internal projections.
“We want to make sure that we over-deliver on our numbers, over-deliver on our targets,†Scaringe said at Rivian’s headquarters in Irvine, California.
Rivian had struggled with manufacturing delays since going public in November 2021. Even with its recent stock boost, shares are still far below the price of its IPO, which was the largest since Meta Inc, then known as Facebook, went public early last decade. A torrid 2022 saw Rivian stock drop 82%.
The company doesn’t provide production volumes by vehicle type.