Rivian Automotive has announced the expansion of its commercial electric van sales to all U.S. businesses, a shift in the company’s strategy more than a year after Rivian ended its exclusivity deal with Amazon in November 2023. The release notes the electric Rivian Commercial Van has two sizes, the 500 and the 700, with a payload of up to 2,663 pounds and a gross vehicle weight rating of up to 9,500 pounds.
Tom Solomon, Rivian’s senior director of business development, highlighted the success of the existing partnership with Amazon, stating, “Amazon currently has more than 20,000 in its fleet and delivered over a billion packages from its Electric Delivery Vans in 2024 alone. Over the last year we have been focusing our efforts on testing with some larger fleets, and we’re really pleased with how those trials have gone. As a result, we’re excited to now be able to open sales to fleets of all sizes in the US, whether they want 1 van or thousands.”
Tech Crunch reports the timing of this expansion is crucial for Rivian. As the company works to reduce losses ahead of the launch of a more affordable SUV next year, the commercial van business could provide a much-needed boost to its bottom line. Unfortunately for van-life enthusiasts, Tech Crunch adds that while Rivian is opening sales to all businesses, individual consumers hoping to convert these vans for personal use will have to wait. The company has specified that buyers must be registered businesses.
Battery-electric and zero-emissions truck maker Nikola is racing against time and dwindling cash reserves as it seeks a buyer for its entire business by April, according to statements made by company lawyers during its first bankruptcy hearing in Delaware.
The company, which briefly surpassed Ford Motor Co. in market value in 2020, filed for Chapter 11 bankruptcy protection on Wednesday after failing to secure additional capital or find a buyer in recent months. Nikola now hopes to auction off its assets to satisfy over $1 billion in liabilities.
“We believe it is a melting ice cube,” Joe Barsalona told Tech Crunch, referring to Nikola’s rapidly depleting $47 million cash balance. Barsalona is a lawyer representing shareholders in a class-action lawsuit against the company.
CEO Stephen Girsky said in a sworn declaration that Nikola had been exploring sale options for months prior to the bankruptcy filing. The company worked with Goldman Sachs to approach 22 potential acquirers in the truck manufacturing and transportation logistics sectors. While two international automakers initially expressed interest, both ultimately walked away from potential deals.
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“Unfortunately, our very best efforts have not been enough to overcome these significant challenges, and the Board has determined that Chapter 11 represents the best possible path forward under the circumstances for the Company and its stakeholders,” Girsky said in a statement.
Despite the setbacks, Nikola claims to have at least three interested buyers and hopes to solicit additional bids with a submission deadline in late March. If a full sale fails to materialize, the company will pivot to selling assets piecemeal.
As the bankruptcy process unfolds, Nikola plans to continue limited operations, including some service and support for trucks currently in use. The company’s lawyers expect a potential sale hearing in early April.
Despite President Donald Trump’s freeze of $5 billion in federal funding for EV charging infrastructure, states are stepping up. Tech Crunch reports EV charging startup Revel recently secured a $60 million loan from New York’s clean energy investment fund NY Green Bank to triple its public fast-charging network in New York City. The funding is expected to build out nine sites across the city and create 267 fast-charging stalls by 2027.
San Diego-based startup Self Inspection recently raised $3 million for its AI-powered vehicle inspections. The company, founded in 2021, has taken a much different path from UVEye, which recently raised $191 million for its AI-powered drive-through inspection technology, according to Tech Crunch. The platform works with a smartphone camera but can also pull data from a car’s OBD2 port.
A joint electric truck battery manufacturing venture by Cummins, Daimler and Paccar continues despite a shift in U.S. EV policies under the Trump administration. Trucking Dive reports the statements came from Paccar CEO Preston Feight on a Jan. 28 earnings call, with Paccar still planning to invest between $600 million and $900 million. “If I could remake the decision now, knowing what I know, I’d make the same decision,” Feight said. “It’s a long-term, strategic objective for our company to be able to offer our customers a full portfolio of powertrain choices.”
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