Tag: Rivian

BusinessStartupsTechnology

Rivian Settles Shareholder Lawsuit for $250 Million Following 2022 Vehicle Price Controversy

Electric vehicle maker Rivian will pay $250 million to resolve a class-action lawsuit filed by shareholders after sudden price increases on its R1 vehicles. The settlement comes as the company prepares for its crucial R2 SUV launch amid declining R1 sales and recent layoffs.

Major Settlement Agreement Reached

Electric vehicle manufacturer Rivian has reportedly agreed to pay $250 million to settle a class-action shareholder lawsuit stemming from controversial price increases on its R1 vehicles in 2022, according to court documents and company statements. The lawsuit alleged that Rivian included misleading information about production costs in its IPO documentation prior to going public in 2021.

by Darren Holt
BusinessStartupsTechnology

Amazon Partners with Rivian Spinoff Also for Electric Cargo Quad Fleet Expansion

Amazon is reportedly expanding its electric delivery fleet through a multi-year partnership with Also, a Rivian spinoff. The agreement includes customized pedal-assist cargo quads capable of carrying over 400 pounds, set to launch in 2026 across the U.S. and Europe.

Strategic Partnership for Sustainable Urban Logistics

Amazon has reportedly entered into a multi-year collaboration with micromobility startup Also, a company spun out of electric vehicle maker Rivian, to integrate thousands of pedal-assist cargo quad vehicles into its delivery network. According to reports, the TM-Q electric quads are designed to transport over 400 pounds of packages while navigating bike lanes, addressing last-mile logistics challenges in dense urban areas.

by Ryan Holbrook