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Amazon's Grip On Rivian Revenue Slows R2 Momentum

Guavy AI Editorial Team
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AMZN
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Rivian Automotive's stock price dropped 4% overnight after investors shifted focus from its upcoming R2 SUV to Amazon's growing grip on auto revenue.

The electric vehicle maker reported $908 million in automotive revenue for Q1, with Amazon contributing $468 million, or 52%, of that total. This represents a significant increase from the $99 million Amazon generated last year.

Morgan Stanley analyst Adam Jonas noted during the earnings call that Amazon's contribution was above 'historical run rates.'

Rivian CEO RJ Scaringe attributed this growth to the expanded fleet rollout of its electric delivery vans (EDVs) across Amazon's logistics network, saying that increased demand for these vans will continue.

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