All-electric car maker Rivian Automotive Inc. RIVN has signed a deal with meal kit company HelloFresh SE HLFFF to add over 70 Rivian Vans to its fleet of commercial vehicles.
What Happened: In an official blog post released by Rivian on Wednesday, the company announced its deal with HelloFresh. The company shares how the deal will help HelloFresh save ‘200 tonnes' of Carbon.
As a result, over a quarter of HelloFresh's fleet is now fully electric, and the company has driven over 250,000 miles since the partnership began. Rivian says the partnership will result in HelloFresh deploying its Rivian fleet in over 14 markets.
Why It Matters: This is the first instance of Rivian supplying its fleet vehicles to other brands, after having ended its exclusive deal with Amazon.com Inc. AMZN. Amazon currently has over 20,000 Rivian fleet vehicles, out of the 100,000 it has ordered from the brand.
It’s worth noting that Rivian stocks fell over 3.53% on Wednesday after U.S. Federal Reserve Chair Jerome Powell warned of higher inflation and slower growth due to the tariffs.
Analysts from Goldman Sachs have shared their concerns with the tariffs and have said they could hurt companies like Rivian amid declining demand and increasing costs.
Rivian CEO and founder RJ Scaringe shared that the company's U.S.-centric supply chain could offer it an edge in the tariff uncertainty, but conceded that the company's aluminum and steel supply chain is ‘a mix.'
Rivian currently offers the R1T pickup truck and the R1S SUV in the U.S. market alongside its fleet vehicles. However, the company is gearing up to release cheaper models like the Rivian R2 and Rivian R3.
Price Action: RIVN currently trades for $11.49 on NASDAQ, according to Benzinga Pro data.
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