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

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Amazon-Backed Rivian Defers Production Over Supply Chain Concerns: Bloomberg
  • Amazon.com Inc (NASDAQ: 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
 

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