Shares of EV maker Rivian Automotive (NASDAQ:RIVN) are trending lower today after reports indicate all may not be well between the company and online retail giant Amazon (NASDAQ:AMZN).
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Rivian has an exclusivity agreement with Amazon meaning it has to sell all of its vehicles to Amazon. According to the Wall Street Journal, the latest vehicle requirement from Amazon (10,000) has come in at the lower end of the expected range and now Rivian is looking to end the exclusivity requirement. The move would enable the company to onboard other customers.
Separately, last week, Rivian priced a green convertible senior notes offering of $1.3 billion at a rate of 4.625%. The company plans to use the proceeds to finance, refinance, and in eligible green projects.
Overall, Wall Street has a consensus price target of $28.11 on RIVN implying a hefty 98.5% upside in the stock. That’s after a nearly 65% slide in the share price over the past year.
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