Rivian Automotive (NASDAQ: RIVN) witnesses a nearly 4% surge in pre-market trading following the announcement of a strategic collaboration with U.S. wireless giant AT&T (NYSE: T). The partnership entails AT&T’s commitment to purchasing electric vehicles from Rivian through a pilot program aimed at assessing cost reduction, carbon emission cuts, and safety improvements.
Anticipating the introduction of Rivian’s Commercial Van and R1 vehicles into its fleet by early 2024, AT&T aims to evaluate the multifaceted benefits these vehicles offer, including heightened safety measures, cost efficiencies, and a substantial reduction in the company’s carbon footprint.
Moreover, beyond fleet provision, Rivian and AT&T are forging a robust alliance to designate AT&T as the exclusive connectivity provider for all Rivian vehicles across the United States and Canada. This collaboration promises an enriched, more intelligent, and safer driving experience by ensuring seamless connectivity.
Rivian capitalizes on AT&T’s connectivity prowess, utilizing over-the-air software updates to continually enhance its vehicles, introducing novel features that elevate the driving experience for its clientele.
Pre-market trading for RIVN showcases a 3.76% uptick on Thursday following these significant developments.