Rivian is laying off 6% of its workforce while Amazon let go over 18,000 workers. EDVs are not being sold for private use, unlike the R1T and R1S EVs. They were designed to be delivery vans from the get-go, which is why they appealed to Amazon.
But if Amazon doesn’t fully hold up its end of the bargain, Rivian needs to find new fleet customers to help make up the financial difference. It simply cannot take any chances otherwise. Ford, Rivian’s second-largest backer with an initial investment of $500 million, cut its stake last month to just 1.15% last month. Amazon, meanwhile, has reduced itself to 17% ownership.
In other words, Rivian’s two largest shareholders are fleeing. Finding new retail customers for the EDVs Rivian has been planning to build for years has suddenly become a critical issue.