Amazon-Backed Rivian Defers Production Over Supply Chain Concerns: Bloomberg

July 16, 2021 1:45 PM | 1 min read | Make a Comment

Amazon.com Inc AMZN backed electric pickup maker Rivian Automotive Inc postponed production of its debut vehicle due to component supply crisis, Bloomberg reports.
The production was supposed to begin in September. It also deferred the timeline for its second planned model, an electric sports-utility vehicle, from August until an unspecified time in the fall.
The pandemic affected everything from facility construction to equipment installation to vehicle component supply (mainly semiconductors), CEO R.J. Scaringe said.
Scaringe also acknowledged the complexities of launching three vehicle lines in one go.
It also has a deal with Amazon to build 100,000 electric delivery vans.
Price action: AMZN shares traded lower by 1.26% at $3,585.37 on the last check Friday.
Photo by Company

Posted In: News Tech Media Bloomberg Briefs Electric Vehicle EVs

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.