Rivian stock falls for second day following Amazon-Stellantis deal
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R.J. Scaringe is Rivian’s CEO. He introduces his R1T all electric pickup truck and R1S all-electric SUV to the world at the Los Angeles Auto Show, Los Angeles, California on November 27, 2018.
Mike Blake | Reuters
Shares RivianThey were also down 10% on Thursday to reach a 52-week low. a day after automaker StellantisAnnounced that Amazonit would supply its cloud services as well in-car dashboard and software.
Rivian stocks are down by more than 21% over the past week. falling 11% during Wednesday’s trading sessionIt’s about 54% lower than its peak on Nov. 16. Rivian’s market capitalization will drop by more than $9B if the move holds up until markets close. This would bring it down to $72 billion if it is successful. The price is now only a little over its $78 IPO price.
Stellantis, previously Fiat Chrysler, announced that Amazon would become the first commercial purchaser of its Ram ProMaster hybrid vehicle.
Rivian is an Amazon-backed electric vehicle company that debuted on Nasdaq two months ago. Rivian named Amazon his company. preferred cloud providerThe company has a contract to produce 100,000 vehicles by 2030.
In a Wednesday statement, an Amazon spokesperson stated that the company supports Rivian and made it clear to CNBC.
In a statement, the spokesperson explained that “we always knew that our ambitious sustainability objectives in our last mile operations will require multiple electric delivery van provider,” she said. Rivian is a great partner and we are excited to continue our partnership. This doesn’t affect our investment or collaboration nor our order sizes and timing.
This report was contributed by Jordan Novet, CNBC.
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