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Benzinga
Benzinga
Business
Shivani Kumaresan

Rivian In Dispute With Supplier Commercial Vehicle Group: Bloomberg

  • Rivian Automotive Inc (NASDAQ:RIVN) shares fell about 6% on Monday on word the EV startup is in dispute with Commercial Vehicle Group Inc (NASDAQ:CVGI), a key seat supplier, Bloomberg reported.
  • The probable dispute would jeopardize Rivian’s delivery van contract with Amazon.Com, Inc. (NASDAQ:AMZN), the report added.
  • Rivian alleged in a lawsuit that Commercial Vehicle Group, a New Albany, Ohio-based auto parts manufacturer, threatened to stop supplying seats unless the carmaker agreed to pay twice the price.
  • The suit involves supplies of vehicle components such as the driver seat, jump seat, and trim used for battery-powered vans Rivian is building for Amazon. 
  • Price Action: RIVN shares closed lower by 6.89% at $24.86 on Monday.
  • Photo via Company
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