Rivian stock price climbed 13.97% on Thursday after the company announced a partnership with AT&T to integrate electric vehicles into AT&T’s fleet. This partnership is seen as a vote of confidence in Rivian’s technology and production capabilities.
AT&T is one of the world’s largest wireless carriers, and its decision to partner with Rivian is a significant endorsement of the company’s electric vehicles. The pilot program with AT&T will provide Rivian with valuable data on how its vehicles perform in real-world fleet operations. This data will be crucial for Rivian as it continues to develop and refine its EV technology.
The partnership with AT&T could also lead to additional orders for Rivian’s vehicles. If AT&T is satisfied with the performance of the electric vehicles in its pilot program, it could order more vehicles for its fleet. This could generate additional revenue for Rivian and help the company to scale up production.
Overall, the partnership between Rivian and AT&T is a positive development for both companies. It is a vote of confidence in Rivian’s technology and a sign that the company is on the right track to becoming a major player in the electric vehicle industry.
AT&T has announced a pilot program to integrate electric vehicles from Rivian into its fleet.
Rivian Automotive, Inc. (NASDAQ: RIVN) and AT&T* have today announced that they have signed an agreement for AT&T to purchase Rivian electric vehicles (EVs) for AT&T’s fleet through a pilot program aimed at cutting transport emissions. AT&T expects to begin adding the Rivian Commercial Van and R1 vehicles to its fleet in early 2024 to begin evaluating the various ways these vehicles help improve safety, reduce costs and cut its carbon footprint.
Rivian Press Release
This initiative aims to assess the potential benefits of electric vehicles in terms of cost reduction, carbon footprint reduction, and improved safety.
The pilot program will involve AT&T adding Rivian’s electric commercial vans, R1T pickup trucks, and R1S sport utility vehicles to its fleet in early 2024. These vehicles will be deployed across AT&T’s operations to evaluate their performance and impact on the company’s overall sustainability goals.
By incorporating electric vehicles into its fleet, AT&T hopes to achieve several objectives:
- Reduce operational costs: Electric vehicles are generally more energy-efficient than their gasoline counterparts, leading to lower fuel expenses. Additionally, maintenance costs for EVs are typically lower due to the absence of oil changes and other traditional maintenance procedures.
- Minimize carbon emissions: Electric vehicles produce zero tailpipe emissions, contributing to a reduction in the company’s overall carbon footprint. This aligns with AT&T’s commitment to becoming carbon neutral by 2035.
- Improve safety: Electric vehicles are equipped with advanced safety features, such as automatic emergency braking and lane departure warning systems, which can help reduce accidents and enhance road safety.
The pilot program with Rivian marks a significant step in AT&T’s transition towards a more sustainable transportation strategy. If the pilot proves successful, AT&T could potentially expand the use of electric vehicles across its entire fleet, further reducing its environmental impact and promoting a cleaner transportation future.
