By 2030, Rivian will provide Amazon with 100,000 bespoke trucks, all of which are anticipated to be in use.
With a recent warehouse lease on the Seattle-Tukwila border, Rivian Automotive Inc. (Nasdaq: RIVN) is growing in the Puget Sound region.
The electric automaker’s lease of a 97,925-square-foot, unfinished warehouse from Prologis was one of the significant industrial transactions that took place in the third quarter, according to CBRE’s third quarter report. The structure is just one of many that Prologis had in mind for an enormous logistics hub known as Emerald Gateway after purchasing 62 acres of land close to Boeing Field for $136 million in 2016.The property Is a planned location for a vehicle servicing center, according to an email from a spokesman for the electric car manufacturer. The location is remarkable for being close to the headquarters of Amazon.com Inc., one of Rivian’s largest clients and investors (Nasdaq: AMZN).The Seattle-based software company has a contract with Rivian under which it will receive 100,000 customized electric delivery trucks by 2030 in exchange for an approximate 18% ownership stake.
The warehouse, Emerald Gateway Building 2, will be open for business in March 2023, according to the Prologis website. According to permits submitted to the City of Seattle and Tukwila, construction has been going on for the majority of this year.
The corporation will improve the new service center over the one it already operates in Bellevue. The business revealed to the Business Journal last year that it operated a nearly 16,000 square foot service center in the Eastside neighborhood.
Apart from the specialized delivery vans that Rivian is producing for Amazon — thousands of which have already started to be delivered this year — the business also produces automobiles for individual clients. An R1T truck with a starting price of $67,500 and an R1S truck with a starting price of $70,000 are among its consumer offers.