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Rivian Signs Deal with AT&T

Phone service provider expected to add Rivian vehicles in 2024

Rivian Automotive Inc. (Nasdaq: RIVN) has added Dallas-based AT&T as its second customer for the EV maker’s all-electric commercial vans.

The agreement with AT&T means the phone service provider will purchase and add Rivian vehicles to its fleet starting in early 2024. AT&T has committed to reaching carbon neutrality by 2035.

“With advanced connectivity and a vision for a sustainable future, Rivian is setting the standard for the evolving demands of modern transportation,” Hardmon Williams, the SVP of AT&T Connected Solutions, said in a statement.

AT&T is also the exclusive service provider for the over-the-air software updates for Rivian vehicles in North America.

Rivian jumped 14% to $22.40 per share during midday trading with a market cap of $21 billion. Volume was nearly double the average.

The Irvine automaker is working on a 100,000-vehicle order for Amazon as well.

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