Rivian Delivers 70 Electric Delivery Vans To HelloFresh: But Retail Gets More Bearish

Shares of EV maker Rivian Automotive (RIVN) rose nearly 1% in pre-market trading on Thursday after it announced the delivery of 70 all-electric commercial vans to meal kit provider HelloFresh.

Rivian’s fleet partner, Ryder (R), will provide advisory, lease, and maintenance services to HelloFresh’s vans, it added.

HelloFresh is the company’s first major fleet customer for its vans since it opened its sales to others besides Amazon earlier this year.

Amazon was the first customer of Rivian’s electric delivery vans. The retail giant is a Rivian investor, and in 2019, it committed to buying 100,000 vans from the company by 2030.

Under the agreement, Rivian could sell its vans only to Amazon until the fourth anniversary of the initial delivery date. However, in late 2023, Rivian announced that it had revised the terms of its initial agreement with Amazon to eliminate the exclusivity clause, thereby enabling it to sell vans to other parties.

Rivian produces two variants of its commercial delivery vans, starting at $79,900 and $83,900, respectively. The higher-end variant offers more cargo space and additional storage.

Ben Kubik, Senior Program Manager of Last-Mile Logistics at HelloFresh, said that the company has been using Rivian Vans for the past few months and has driven over 250,000 miles so far.

“Until now these vans have been unbranded, so now they are fully branded, it will be much more clear what we’re driving,” Kubik said.

On Stocktwits, retail sentiment around Rivian fell by six points further into the ‘bearish’ territory over the past 24 hours while message volume remained ‘low’.

RIVN stock has fallen by over 13% year-to-date, but is up by over 31% over the past 12 months.

Also See: UnitedHealth Stock Slumps 20% Pre-Market On Downbeat Q1 Earnings, Gloomy Full-Year Forecasts: Retail Sentiment Dives

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