Tag: pickup (Page 1 of 2)

Tesla Reports Q2 Profit, Announces Texas Gigafactory

July 26, 2020 / WIL BALDWIN

Tesla (TSLA) posted a surprise second-quarter profit last week on cost cutting and strong deliveries, offsetting the effects of its Covid-19 related factory shutdowns. The report may help the electric vehicle manufacturer gain inclusion into the S&P 500 index (^SPX).

Tesla announced earned net income of $104 million for the quarter, or $0.50 per share. This marks the first time the company has posted four straight quarterly profit, a benchmark for the company to be considered for inclusion in the highly coveted S&P 500.

This marks another major win for Chief Executive Elon Musk, whose quest to lead the global auto industry with Tesla, and the aerospace industry with SpaceX, has increasingly been making major leaps forward.

Musk said last Wednesday that the city of Austin, located in Travis County, would be the site of Tesla’s newest factory. The victory for Texas comes at a loss for Oklahoma, which also was seeking to have the factory land in Tulsa. The facility seeks to create as many as 5,000 new jobs. The County offered up to $65 million in tax rebates to entice the company, and plans to begin construction in the third quarter.

The additional plant is slated to produce Model 3 and Model Y vehicles for the Eastern half of the United States, as well as a potential new Tesla Semi truck and its Cybertruck pickup. Elon Musk has stated that his cars are not affordable enough yet for the average consumer, and he hopes to develop a plan to address that issue.

The company also needs to address its growing need for affordable battery cell production, and is looking to expand its partnerships with Panasonic Corp <PCRFY> and Contemporary Amperex Technology of China (CATL) <300750.SZ>.

Tesla Negotiating for Possible Texas Vehicle Assembly Plant

June 15, 2020 / WIL BALDWIN

(Reuters) – Electric carmaker Tesla Inc is negotiating possible incentives with a Texas county that could bring a new auto assembly plant to the area near Austin, the state capital, the Austin American-Statesman reported on Monday.

Travis County Commissioners Court is scheduled to discuss terms of the deal on Tuesday, the paper reported, citing people with knowledge of the situation. A vote is expected in the coming weeks.

The paper said it was unclear whether negotiations with Travis County show that Tesla has picked the Austin region as the site for the plant, which would build the company’s electric pickup truck and Model Y SUV and employ thousands of people, or if the company is also negotiating with officials in Tulsa, Oklahoma.

Tesla officials could not immediately be reached to comment. The company’s chief executive, Elon Musk, has tweeted previously about the possibility of bringing a plant to Texas. Oklahoma also has been mentioned as a possible site.

Travis County officials declined to comment, and a spokesman for the Texas governor’s office did not immediately comment.

Last month, Texas Governor Greg Abbott said he had spoken with Musk about a potential plant.

Abbott’s comments came three days after Musk had threatened to move Tesla’s headquarters and future operations to Texas or Nevada after officials in California’s Alameda County, where Tesla’s only U.S. vehicle assembly plant is located, said the plant could not yet reopen because of coronavirus lockdown measures. The plant has since reopened.

Officials with the United Auto Workers union, which represents hourly workers at General Motors Co’s assembly plant in Arlington, Texas, said they believe a Tuesday county meeting will include talks about the possible deal. The union, which has unsuccessfully tried organizing Tesla’s Fremont, California, plant, called on Texas officials to obtain assurances from Tesla about any potential jobs.

(Reporting by Ben Klayman in Detroit and Brad Brooks in Austin, Texas; Editing by Leslie Adler and Jonathan Oatis)

Ford Bets More Businesses Want Carbon-Free Delivery Vans

March 4, 2020 / WIL BALDWIN

DETROIT (Reuters) – Ford Motor Co is putting more chips on a bet that it can profit from selling electric vans to delivery businesses that need to reduce carbon emissions.

Ford will roll out an all-electric version of its Transit van for North America in model year 2022, mirroring the timetable for launching a similar model for the European market, the company said on Tuesday in conjunction with the NTEA Work Truck Show in Indianapolis.

“Our electric bet as a company is different than our competitors,” Ford Chief Operating Officer Jim Farley said in an interview. “The most critical bet we will be making over the next several years will be our commercial vehicles.”

Two of three electric vehicles Ford has announced as part of an $11.5 billion investment in electrification through 2022 are aimed at commercial customers – the Transit and an electric version of the company’s best-selling model, the F-150 pickup.

Ford’s Mustang Mach-E electric SUV represents a low-volume challenge to electric luxury vehicle market leader Tesla Inc.

The electric Transit and F-150 will play in market segments Ford dominates in the United States and Europe.

“Half of the vehicles doing work in the U.S. are Ford Motor Co vehicles,” Farley said. Ford is also the No. 1 commercial vehicle brand in Europe, and has led the commercial van market in Britain, which is Europe’s largest, for 55 years.

Regulators in Europe and in some U.S. cities are stepping up pressure on businesses to replace diesel or gasoline-fueled delivery vans with electric models to reduce pollution in city centers.

In the United States, Amazon.com Inc, has ordered 100,000 electric delivery vans from start-up Rivian, the first of which will be delivered in 2021 and built in Normal, Illinois. Ford has a separate partnership with Rivian.

The electric Transit will not be related to the Rivian van, said Ted Cannis, Ford’s director of electrification.

The new Transit will be an early test of the company’s efforts to deploy new connectivity technology and services to go with it, Farley said.

Ford said the electric Transit will be built in America and cost more than the gasoline-powered version, which starts at $34,500. Research firm Auto Forecast Solutions said it will be built in Kansas City, Missouri, along with the gasoline version.

Supplier sources who asked not to be identified said Ford will launch production in late 2021, with plans to build around 2,000 that year and increase to 14,000 annually by 2023.

(Reporting by Ben Klayman in Detroit; Additional reporting by Paul Lienert; Editing by Richard Chang)

Lordstown Motors Pursuing $200 Million U.S. Retooling Loan, will Show EV Truck at Detroit Auto Show

January 28, 2020 / WIL BALDWIN

FILE PHOTO: A sign welcomes visitors to the General Motors Lordstown Complex assembly plant in Warren, Ohio

WASHINGTON (Reuters) – Electric pickup truck start-up Lordstown Motors is pursuing a $200 million loan from a U.S. Energy Department program to retool a former General Motors <GM> factory in northeast Ohio, Chief Executive Steve Burns told Reuters.

Burns met with Energy Secretary Dan Brouillette on Monday for about an hour and the company was holding additional talks with officials on Tuesday from the Energy Department’s Loan Program Office.

“We think we are worthy of government help. We don’t want a handout – we want a loan,” Burns told Reuters in an interview. “It’s just going to be more jobs faster if we get it. We are viable without it.”

Burns disclosed the company plans to unveil a drivable version of its electric truck at the Detroit auto show in June. It hopes to begin production by year-end.

The Energy Department declined comment.

Burns said the company hopes to receive funding from the Energy Department’s Advanced Technology Vehicles Manufacturing program that in 2009 awarded loans to Ford Motor Co <F>, Tesla Inc <TSLA> and Nissan Motor Co <NSANY> to retool factories, but has not issued loans since 2011. Nissan and Tesla previously repaid their loans.

The fate of the sprawling plant became a political lightning rod after GM announced its planned closure in November 2018, drawing condemnation from U.S. President Donald Trump and many U.S. lawmakers.

A bipartisan group of Ohio lawmakers wrote Brouillette last week offering “strong support” for the loan, saying northeast Ohio was dealt a “severe blow” by the plant closing.

Lordstown Motors Corp, which is 10% owned by Workhorse Group Inc <WKHS>, bought the plant and equipment for $20 million as part of its ambitious plan to begin building electric pickup trucks by the end of 2020.

“It’s cool to bring something back to life,” Burns said.

The company is working to raise additional funding and is in advanced talks with a large strategic investor, Burns said.

GM last year agreed to loan Lordstown Motors $40 million to acquire and retool the plant. Burns hopes to repay GM’s loan “in a few weeks.”

Burns plans to start crash-testing vehicles in July, hiring about 400 hourly workers in September and to begin production in November or December.

Electric vehicle startup Rivian, backed by Amazon.com Inc <AMZN> and Ford, plans to build an electric pickup truck and companion starting in late 2020. GM plans to build its first electric pickup truck starting in late 2021. Tesla plans to start building its electric Cybertruck in late 2021.

(Reporting by David Shepardson; Editing by Nick Zieminski)

Toyota to Move Tacoma Truck Production to Mexico from U.S.

January 17, 2020 / WIL BALDWIN

WASHINGTON (Reuters) – Toyota Motor Corp <TM> said on Friday it will move production of its mid-size Tacoma pick-up truck from the United States to Mexico as it adjusts production around North America.

The largest Japanese automaker also said it will end production of the Toyota Sequoia in Indiana by 2022 as that facility focuses on mid-size SUV’s and minivans.

Toyota will shift production of the Sequoia in 2022 to Texas and that plant will end production of the Tacoma by late 2021.

Toyota has been building Tacoma trucks at its Baja California plant in Mexico since 2004. Last month, Toyota’s Guanajuato plant began assembly of the Tacoma.

Toyota said its production capacity for the Tacoma in Mexico will be about 266,000 per year. Last year, the automaker sold nearly 249,000 Tacoma pickup trucks in the United States, up 1.3%.

Toyota said the product moves were to “improve the operational speed, competitiveness and transformation at its North American vehicle assembly plants based on platforms and common architectures.”

The new North American trade agreement approved by the U.S. Senate on Thursday ensures that automakers will still be able to build pickup trucks in Mexico without facing new punitive tariffs.

In February, Fiat Chrysler Automobiles NV <FCAU> said it was reversing plans to shift production of heavy-duty trucks from Mexico to Michigan in 2020, freeing a Michigan facility to produce Jeeps.

Toyota said Friday it completed a $1.3 billion modernization investment in its Indiana operations to add 550 jobs. Toyota said there would be no reduction to direct jobs at any of Toyota’s facilities across North America as a result of the vehicle moves.

(Reporting by David Shepardson; Editing by Chris Reese)

GM Loans $40 Million to Firm to Acquire, Retool Shuttered Lordstown, Ohio, Factory

December 9, 2019 / WIL BALDWIN

FILE PHOTO: The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing.

WASHINGTON (Reuters) – General Motors Co <GM> confirmed on Monday it agreed to loan $40 million to an electric vehicle start-up to facilitate the acquisition of its shuttered Lordstown Assembly plant in Ohio.

Lordstown Motors Corp, which is 10% owned by Workhorse Group Inc <WKHS>, bought the plant and equipment for $20 million in November as part of its ambitious plan to begin building electric pickup trucks by the end of 2020.

The loan agreement, which was reported earlier Monday by the Business Journal in Youngstown, was filed in Trumbull County last week.

Lordstown Motors has been working on the engineering of the new truck, “Endurance”, and hired Rich Schmidt, a former director of manufacturing at Tesla Inc, as chief production officer.

“We structured the sales agreement to help support Lordstown Motors’ launch plans for the Endurance pickup,” GM spokesman Jim Cain said, who added it “allows them to take possession of the plant and to cover some operating expenses while they undertake their capital raise.”

GM is not investing in the venture, but Cain said GM financing could rise to $50 million.

The fate of the sprawling northeastern Ohio plant became a political lightning rod after GM announced its planned closure in November 2018, drawing condemnation from U.S. President Donald Trump and many U.S. lawmakers.

Lordstown CEO Steve Burns told Reuters last month he hopes to have pre-production prototypes coming off the assembly line by April and to start production by November 2020 with an initial workforce of 400 hourly workers.

Burns said last month the company hopes to raise more than $300 million, the Business Journal reported. Burns told Reuters it retained Ohio investment bank Brown Gibbons Lang & Co in its capital fundraising effort.

GM and South Korea’s LG Chem <051910.KS> said Thursday they will invest $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio which will be one of the world’s largest battery facilities.

The plant, to be built near the Lordstown complex, will employ more than 1,100 people, the companies said.

As part of the Lordstown sale, GM has the option to lease land near the assembly plant that it could use for the battery plant.

(Reporting by David Shepardson; Editing by Sonya Hepinstall)

Lincoln Electric SUV to use Ford-backed Rivian ‘Skateboard’ Chassis

November 28, 2019 / WIL BALDWIN

DETROIT — A battery-powered Lincoln SUV, due in mid-2022, will be the first Ford Motor Co. vehicle built on a custom electrified chassis that resembles a skateboard, which was developed by Ford-backed startup Rivian, according to several people familiar with the program.

The all-wheel-drive Lincoln SUV could compete against Rivian’s R1S, an electric sport utility vehicle slated to go into production in early 2021 that will be priced from $72,500. Both models will use Rivian’s so-called skateboard, a flexible platform that combines electric motors, batteries, controls and suspension.

On Tuesday, Ford declined to comment. Rivian did not respond to a request for comment.

The new Lincoln, which carries the internal program code U787, also could compete with premium offerings from others, including General Motors Co, which plans to introduce at least two new electric SUVs by 2023, one for Cadillac and one that could revive the Hummer name, sources have said.

Ford invested $500 million in Rivian this year and plans to help it begin production next year at a former Mitsubishi plant in Normal, Illinois.

When Ford made the investment, it said it would use Rivian’s skateboard to develop its own electric vehicle, but did not disclose details.

It is not clear where Ford intends to build the Lincoln SUV, which will be among the first of several battery-powered utility vehicles planned for Ford’s premium brand in North America and China, according to supplier sources familiar with those programs who asked not to be identified.

Ford expects to introduce a compact Lincoln electric crossover in late 2021 or early 2022 and a mid-size companion in 2023, the sources said.

The U.S. auto industry plans to invest billions of dollars over the next few years to build all-electric pickups and SUVs, sectors of the market that have been among the most profitable, especially for Detroit-based automakers.

But analysts have questioned whether demand from consumers and commercial customers will come close to matching production.

Founded in 2009, Rivian has raised $1.9 billion from investors, including e-commerce giant Amazon, which has ordered 100,000 electric delivery vehicles from Rivian. The first Amazon vans will be built in Normal and are to be delivered in 2021.

Ford aims to sell an electric F-series pickup in late 2021, sources have said. It also will offer the electric Mustang Mach E SUV next year as part of plans to invest $11.5 billion by 2022 electrifying its vehicles.

Tesla Unveils Electric Pickup Truck with Futuristic Design

November 22, 2019 / WIL BALDWIN

Click to make your fully refundable $100 Tesla deposit

Starting price of $39,900
Most expensive version offers a range of more than 500 miles
Production expected to begin in late 2021 (Recasts and writes through)

Nov 21 (Reuters) – Tesla Inc on Thursday unveiled its first electric pickup truck that looked like a futuristic angular armored vehicle in gunmetal gray, as the California company took aim at the heart of Detroit automakers’ profits.

At a launch event in Los Angeles, Tesla Chief Executive Elon Musk said the Cybertruck will have a starting price of $39,900 and production is expected to begin in late 2021.

Other versions will be priced at $49,900 and $69,900 with the most expensive offering a range of more than 500 miles.

“We need sustainable energy now. If we don’t have a pickup truck, we can’t solve it. The top 3 selling vehicles in America are pickup trucks. To solve sustainable energy, we have to have a pickup truck,” he said.

The truck, which Musk claimed “won’t scratch and dent”, was described as having windows made from armored glass. But the glass cracked like a spider web when hit with a metal ball during a demonstration. Musk appeared surprised but noted that the glass had not completely broken.

Reactions on Twitter ranged from love to hate of the sharply angled vehicle. “I just watched tesla release the #cybertruck and honestly? My life feels complete,” wrote @aidan_tenud, while @nateallensnyde wrote “Its nice to see Elon Musk make a cardboard box car he drew in kindergarten,”.

Musk earlier tweeted the design was partly influenced by the Lotus Esprit sportscar that doubled as a submarine in the 1970s 007 film “The Spy Who Loved Me”.

The truck marks the first foray by Tesla, whose Model 3 sedan is the world’s top-selling battery electric car, into pickup trucks, a market dominated by Ford Motor Co’s F-150, along with models by General Motors Co, and Fiat Chrysler Automobiles NV .

The pickup shifts Tesla more toward trucks and SUVs. The automaker has so far sold mostly Model S and Model 3 sedans, but also offers the Model X SUV and starting next year the Model Y compact SUV.

A focus on the high-performance end of the market is only natural given the success of Ford’s 450-horsepower F-150 Raptor truck, which launched in 2009 and whose sales have since risen annually, according to Ford spokesman Mike Levine.

While Ford does not disclose Raptor sales, Levine said annual demand is well above 19,000 vehicles and the No. 2 U.S. automaker has never had to offer incentives on the model, which costs in the high $60,000 range. Ford also offers the more expensive F-150 Limited, its most powerful and luxurious pickup.

Ford and GM are also gearing up to challenge Tesla more directly with new offerings like the Ford Mustang Mach E electric SUV as well as electric pickups.

Electric pickups and SUVs could help Ford and GM generate the significant EV sales they will need to meet tougher emission standards and EV mandates in California and other states.

The Trump administration is moving to roll back those standards, but electric trucks are a hedge if California prevails.

Demand for full-size electric pickup trucks in the near term may not be huge, however.

Industry tracking firm IHS Markit estimates the electric truck segment – both full- and mid-sized models – will account for about 75,000 sales in 2026, compared with an expected 3 million light trucks overall. The Tesla truck is not part of that estimate.

Ford aims to sell an electric F-series in late 2021, sources familiar with the plans said. It also will offer the Mach E next year as part of its plan to invest $11.5 billion by 2022 to electrify its vehicles.

In April, Ford invested $500 million in startup Rivian, which plans to build its own electric pickup beginning in fall 2020.

GM plans to build a family of premium electric pickup trucks and SUVs, with the first pickup due to go on sale in the fall of 2021. It plans to invest $8 billion by 2023 to develop electric and self-driving vehicles.

(Reporting by Naomi Tajitsu in Tokyo and Peter Henderson in San Francisco; Additional reporting by Miyoung Kim in Singapore and Joseph White in Detroit; Editing by Edwina Gibbs)

Fiat Chrysler, Peugeot Owner PSA Once Again in Talks to Combine

October 29, 2019 / WIL BALDWIN

(Reuters) – Fiat Chrysler and Peugeot owner PSA are in talks to combine in a deal that could create a $50 billion (£38.88 billion) automaker, a source familiar with the matter said on Tuesday.

Fiat Chrysler shares rose sharply after news of the talks and ended up more than 7.5% in U.S. trading. The companies and the French government had no comment.

The Wall Street Journal first reported the discussions. PSA’s supervisory board was due to meet on Wednesday to discuss the potential merger, another source close to the matter said.

If a combination of Peugeot and Fiat Chrysler succeeded in overcoming political, financial and governance hurdles, the new enterprise would still face substantial challenges. Global automakers face the prospect of a slowdown in global demand coinciding with the most dramatic technology changes in a century.

Peugeot Chief Executive Carlos Tavares has predicted “ten years of chaos” for global automakers as regulators demand a switch to electric vehicles to reduce emissions linked to climate change.

Investors have speculated for several years that Fiat Chrysler was hunting for a merger partner, encouraged by the rhetoric of the company’s late chief executive, Sergio Marchionne.

In 2015, Marchionne outlined the case for consolidation of the auto industry and tried unsuccessfully to interest General Motors Co in a deal. Fiat Chrysler earlier this year broached a merger with French automaker Renault SA that ultimately collapsed.

Created when Fiat, under Marchionne’s leadership, bought control of Chrysler out of a U.S. government-backed bankruptcy in 2009, Fiat Chrysler has one of the global auto industry’s most profitable franchises in the Jeep sport utility vehicle brand and a money-spinning North American pickup and commercial van operation in Ram. Both would boost Peugeot, which does not sell vehicles in the U.S. market.

Peugeot and Fiat Chrysler could over time share engines and vehicle architectures, reducing capital spending and freeing up cash to invest in electric vehicles and emissions reduction technology required in Europe, China and other global markets.

Fiat Chrysler is under increasing pressure to invest in clean car technology. The company disclosed earlier this month that it faces a $79 million fine for falling short of U.S. fuel efficiency standards. Fiat Chrysler agreed to pay U.S. electric car maker Tesla Inc for credits to help it comply with European emissions standards until 2022.

Evercore analyst Arndt Ellinghorst in a note on Tuesday said a combination of Fiat Chrysler and Peugeot “should ignite more rational industry behavior around allocation of capital and this particular merger makes materially more sense than a potential FCA-Renault merger.”

Peugeot and Fiat Chrysler had discussed a combination earlier this year, before Fiat Chrysler proposed a $35 billion merger with Renault. At that time, Fiat Chrysler said a deal with Renault offered more advantages than a combination with Peugeot.

Fiat Chrysler Chairman John Elkann broke off talks with Renault in June after French government officials intervened and pushed for Renault first to resolve tensions with its Japanese alliance partner, Nissan Motor Co.

Following the collapse of the Renault merger plan, Fiat Chrysler CEO Mike Manley left the door open for talks with would-be partners. But he said the Italian-American automaker could go it alone despite mounting costs to develop electric vehicles and comply with tougher emissions rules in Europe, the United States and China.

Along with Jeep and Ram would come Fiat’s Italian operations, which have struggled in recent years. Fiat’s Mirafiori assembly complex in its home city of Turin has run below 50% capacity, with thousands of workers on temporary layoffs.

Overall, Fiat has 58,000 workers in Italy, where the government has long resisted mass lay-offs by large employers.

Peugeot’s Tavares dismissed the idea of a combination with Fiat Chrysler during a discussion with reporters at the Frankfurt auto show last month. “We don’t need it,” he said when asked whether he was still interested in a deal with Fiat Chrysler.

Tavares has moved aggressively to expand Peugeot, acquiring German auto brand Opel from General Motors Co for $2.6 billion in 2017. Since then, he has overseen a turnaround at Opel.

Fiat Chrysler already has a commercial vehicle partnership with Peugeot.

(Reporting by Dominic Roshan K.L. in Bengaluru; Editing by Maju Samuel, Richard Chang and Dan Grebler)

Electric Vehicle Startup Rivian Gets Big Van Order From Amazon.com

September 20, 2019 / WIL BALDWIN

DETROIT, Sept 19 (Reuters) – Electric vehicle startup Rivian Automotive LLC got a big boost from one of its investors on Thursday when Amazon.com announced it was ordering 100,000 electric delivery vans.

Before Rivian has even begun commercial production at its factory in Normal, Illinois, the Amazon order rocketed it to the forefront of electric vehicle makers.

Amazon Chief Executive Jeff Bezos said in Washington that as part of the online retailer’s plan to be carbon neutral by 2040 it would order the electric vans from Rivian, with deliveries starting in 2021. The goal is to deploy all the vehicles by 2024.

Rivian, a potential rival to Silicon Valley’s Tesla Inc, unveiled its electric R1T pickup and R1S SUV last November, but had piqued Amazon’s interest earlier. Bezos personally reached out to Rivian CEO R.J. Scaringe last summer to express interest in an investment, sources previously said.

Plymouth, Michigan-based Rivian, founded in 2009, has raised close to $1.9 billion from investors, including a $700 million February round led by Amazon.

The deal solidifies Rivian’s place among EV builders, said Sam Fiorani, a vice president with Auto Forecast Solutions. “It helps boost the image of the (Rivian) brand,” he said.

Rivian aspires to be the first to produce a mass market electric pickup. It intends to begin selling its R1T by the end of 2020, a target that has not changed with the Amazon deal in place, said Rivian spokeswoman Amy Mast said.

Traditional U.S. automakers Ford Motor Co, a Rivian investor, and General Motors Co, as well as Tesla, are pushing to develop their own electric pickups.

The Amazon vans, under the exclusive deal, will be built at Rivian’s plant, a former Mitsubishi factory in Normal, Illinois, Mast said. The first vehicles will be delivered in 2021 and 10,000 should be on the road by late 2022, she said. The vehicles will be serviced by Rivian.

Scaringe has described the Rivian vehicle’s platform as a skateboard that packages the drive units, battery pack, suspension system, brakes and cooling system all below wheel height to allow for more storage space and greater stability due to a lower center of gravity.

Amazon is looking to speed packages to shoppers’ doorsteps regardless of spikes in consumer demand or shortages of delivery personnel. Last year, Daimler AG’s Mercedes-Benz said Amazon had become the biggest customer of its Sprinter vans, securing 20,000 vehicles for delivery contractors.

Ford invested $500 million in Rivian in April with plans to use the Rivian EV platform to build a new vehicle in North America. Details of that vehicle were not disclosed. Ford is not involved in the Rivian deal, Mast said.

Cox Automotive Inc, the owner of the Autotrader online automobile market and the Kelley Blue Book car valuation service, invested $350 million in Rivian this month. The companies will explore partnerships in digital retailing, service operations and logistics.

Other backers include Saudi auto distributor Abdul Latif Jameel Co, Sumitomo Corp of Americas and Standard Chartered Bank.

Amazon’s reputation and the contract size would raise Rivian’s status with potential customers and investors, Fiorani said. It also offers the advantage of not having to chase buyers or ship vehicles all over the country.

(Reporting by Ben Klayman in Detroit; Editing by David Gregorio)

Archives