Rivian In Dispute With Supplier Commercial Vehicle Group: Bloomberg

Rivian Automotive Inc RIVN shares fell about 6% on Monday on word the EV startup is in dispute with Commercial Vehicle Group Inc CVGI, a key seat supplier, Bloomberg reported.
The probable dispute would jeopardize Rivian’s delivery van contract with Amazon.Com, Inc. AMZN, the report added.
Rivian alleged in a lawsuit that Commercial Vehicle Group, a New Albany, Ohio-based auto parts manufacturer, threatened to stop supplying seats unless the carmaker agreed to pay twice the price.
The suit involves supplies of vehicle components such as the driver seat, jump seat, and trim used for battery-powered vans Rivian is building for Amazon.
Price Action: RIVN shares closed lower by 6.89% at $24.86 on Monday.
Photo via Company