Despite production delays and market upheaval, Amazon is still counting on electric vehicle startup Rivian to help it hit ambitious climate goals and put tens of thousands of electric delivery vans on the road.
Rivian is running a lean operation: The number of vehicles it produced this quarter is almost exactly equal to the number of semiconductors it had, CEO RJ Scaringe said.
Those tight margins have been spooking investors, a panic that came to a head Tuesday when Ford announced it was selling 8 million Rivian shares, starting to cut ties with the California-based company that promised to help usher in the shift to carbon-neutral transportation. Then, on Friday, a regulatory filing revealed Ford sold an additional 7 millions shares. Ford still owns just below 10% of the company.
