While Tesla has been thought to be the king of the electric vehicle sector, others are clearly beginning to catch up to its lead.
One of those companies is Irvine-based EV maker Rivian (RIVN) -), which struck a four year exclusive deal with Amazon in 2019 for its vans to be used for the company's delivery fleets.
Related: Top Tesla competitor has a major key that could bring EVs to everyone
But in Nov. 2023, the terms of that deal expired, meaning Rivian can now sell its vehicles to other companies. And now, Rivian founder and CEO RJ Scaringe has announced that it's doing just that.
In a post to X on the morning of Dec. 14, Scaringe announced that AT&T has signed a new agreement with Rivian to purchase its vehicles. They will be used for a pilot program which will attempt to help AT&T cut its transport emissions.
Excited to announce that @ATT has signed an agreement to purchase @Rivian vehicles for a pilot program aimed at cutting its fleet’s transport emissions. pic.twitter.com/LjlhTL1Su6
— RJ Scaringe (@RJScaringe) December 14, 2023
In a press release, AT&T goes into more detail about what it hopes to achieve with the partnership, which officially starts in 2024 and will make use of both the Rivian Commercial Van and R1 vehicles.
“We’re excited to purchase Rivian EVs for our fleet. This pilot is another important step in our ongoing efforts toward sustainability, reducing our carbon footprint and embracing a cleaner future for our operations. With advanced connectivity and a vision for a sustainable future, Rivian is setting the standard for the evolving demands of modern transportation," said Hardmon Williams, SVP of AT&T Connected Solutions.
Rivian has been on a tear the last few years, with a forecast of completing 50,000 vehicles by the year's end. The EV company is on track to beat its own projection, beating its own second quarter production by 23% in Q3.
The company also updated its original production forecast to say that it was on track to produce around 52,000 vehicles this year.
Discuss trade ideas with Hedge Fund Managers and experienced Day Traders. Get Real Money Pro now.
