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Rivian Automotive Inc. is spinning out a business that will develop small electric vehicles designed for short trips.

Rivian Automotive said its electric-vehicle deliveries this year will fall short of Wall Street estimates as potential policy shifts in Washington threaten to further dampen EV demand.

Rivian said it will sell its electric delivery van designed for Amazon to other customers, a move to boost revenue from fleet operators as consumer demand for battery-powered cars slows.

The Biden administration is poised to finalize billions of dollars in financing for electric vehicle maker Rivian Automotive and hydrogen manufacturer Plug Power.

Under Rivian and the UAW’s confidential pact, the automaker would adopt a neutral stance toward efforts to organize workers at its Illinois factory where its vehicles are made.

The loan would come from the U.S. Energy Department’s Advanced Technology Vehicle Manufacturing program.

Tesla didn’t disclose specifics, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.

U.S. auto stocks and Asian battery makers fell after Reuters reported President-elect Donald Trump plans to eliminate a key consumer tax credit aimed at boosting electric-vehicle adoption.

Volkswagen and Rivian named leaders for their multibillion-dollar joint venture and showcased a prototype electric vehicle, signaling their commitment even as global EV demand softens.

The company is on track to meet the closely watched target thanks to a higher mix of premium models boosting revenue per vehicle sold and sales of regulatory credits.