Rivian stock price crashes after news of Amazon-Stellantis deal

Electric car maker Rivian’s share price plummeted following news of Amazon’s deal with Stellantis. Stellantis is a serious competitor to Rivian, which owns the brands Alfa Romeo, Chrysler, Citroën, Dodge, Fiat, Jeep, Maserati, Opel, Peugeot and others.

Rivian stock price crashes after news of Amazon-Stellantis deal

Rivian shares plunge after Amazon and Stellantis contract reports by 16.5%, and the company’s capitalization dropped below the estimate obtained during the first public offering of shares, writes Reuters.

In the end, the company nevertheless won back its positions, and at the end of the day, the fall was 11%… However, the value of shares of other manufacturers of electric vehicles also decreased: Tesla, Lucid Group and Fisker (all lost 5%).

Amazon owns 22% of Rivian and has an exclusive contract for the supply of 100,000 minibuses, 10,000 of which will be on the road at the end of this year.

“Large fleets of electric vehicles, designed to be carbon neutral, are a victory for the entire mission anyway. The scope of Amazon’s vision is unprecedented and we expect them to buy electric vehicles from multiple manufacturers. ” transfers Bloomberg commentary from Rivian representatives.

Stellantis, meanwhile, is seriously targeting the electric vehicle market. Just the other day, the company announced that its Chrysler brand will become fully electric by the end of this decade.

For Rivian, this is not the first problem lately: in mid-December, its shares collapsed once again due to reports that several hundred fewer electric vehicles will come off the company’s conveyors than originally planned.

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Cover photo: James Yarbrough / Shutterstock

Source: RB.RU by rb.ru.

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