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IRVINE, CA – The stock value of Rivian rose 13.97 percent on Thursday, up $2.75 and closing at $22.43, after a joint announcement that the electric vehicle-maker has struck a fleet deal to supply telecom giant AT&T with trucks.
Rivian previously had an exclusive arrangement with Amazon, which is a Rivian shareholder, but that exclusivity has ended. Some 10,000 delivery vans have already been delivered to Amazon out of an order of 100,000 trucks.
Rivian’s deal with AT&T is described it as “a pilot program aimed at cutting transport emissions.” AT&T will receive both commercial vans and R1 pickup models, beginning in early 2024, and the company expects the shift to EVs “to contribute toward the company’s commitment of carbon neutrality by 2035.” The exact number of vehicles that AT&T will receive wasn’t disclosed.
Rivian’s vice president of strategy and fleet, Dagan Mishoulam, noted, “Around a quarter of CO2 emitted in the transportation sector in the US comes from commercial vans, so it’s imperative we do all we can as soon as possible to help cut emissions.”
In a third quarter letter to shareholders, Rivian last month up its projected sales for 2023 from 52,000 to 54,000 units. Yahoo!Finance reports Rivian’s stock price has risen 34 percent in the past three months and is up nearly 20 percent for the year.
(Photos courtesy of Rivian)
