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Rivian stock plunges after news of Amazon-Stellantis deal

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Carlos Tavares chairman of the Management Board of PSA and Stellantis CEO, Carlos Tavares responds to journalists after an exclusive visit to the Stellantis factory of Dutch multinational automotive manufacturer Stellantis. The private visit was held on July 2, 2021.

AFP – Getty Images| AFP | Getty Images

StellantisFiat Chrysler was formerly Fiat Chrysler. On Wednesday, Amazon announced that it will supply its cloud-based services and in-car dashboard software to the automaker. Amazon will become the commercial first customer for Stellantis Ram ProMaster, an electric car that is slated for 2023.

This collaboration comes just two months after Amazon-backed the electric car Rivian debuted on the Nasdaq. Rivian shares, named AmazonIn December Stellantis was its preferred cloud provider and the company has a contract for 100,000 Amazon vehicles by 2030. However, Wednesday’s trading session saw a drop of as much as 9 percent. Stellantis shares gained 4% in the final trading session.

Stellantis has delivered vehicles in excess of 80,000 to Amazon for last-mile deliveries within North America, Europe and North America since 2018. Stellantis claimed that it was able to develop the Ram ProMaster using input from Amazon.

According to a report, Amazon and Stellantis are working together on STLA SmartCockpit software. It will be available in millions of vehicles beginning in 2024 under a multiyear cloud agreement. statement. It will integrate Amazon’s Alexa voice and navigation assistants, as well as ecommerce, maintenance, repairs, and other elements. Stellantis announced that its vehicle data will be moved to cloud-based systems and that Amazon Web Services will serve as its preferred cloud provider.

Amazon’s AWS market-leading business has increased its focus on specific industries to increase their reach within large organizations. Amazon announced November unveiledAutomakers have the option to use AWS IoT fleetWise to save and improve vehicle data.

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