Rivian stock falls for second day after Amazon-Stellantis deal

Shares of Rivian, an electric car company backed by Amazon, fell 3% to a new 52-week low on Thursday, a day after automaker Stellantis announced that Amazon would provide its cloud services and in-vehicle dashboard software.

Rivian stock is now down 15.6% for the week, after dropping 11% during Wednesday’s trading session, and down about 51.3% from its November 16 high.

However, there are other factors that affect the stock price. Investors are taking turns to technical stocks that have profit expectations off. EV stocks are among a group of companies with high valuations and uncertain future profitability, making them riskier bets as interest rates rise. Investors abandon these loved ones at once and move to more stable companies with increased profits.

Stellantis, formerly known as Fiat Chrysler, has announced that Amazon will be the first commercial customer for the Ram ProMaster battery-powered electric vehicle.

Rivian debuted on the Nasdaq just two months ago. It had named Amazon as its preferred cloud provider and was contracted to make 100,000 vehicles for the company by 2030.

RJ Scaringe, CEO of Rivian Corporation, presents the world with the all-electric R1T pickup and all-electric R1S SUV at the Los Angeles Auto Show in Los Angeles, California, November 27, 2018.

Mike Blake | Reuters

An Amazon spokesperson reiterated the company’s support for Rivian in a statement to CNBC on Wednesday.

“We have always known that our ambitious sustainability goals in last-mile operations will require multiple electric delivery truck providers,” the spokesperson said in a statement. “We remain excited about our relationship with Rivian, and that doesn’t change anything about our investment, our collaboration, or the scale and timing of the order.”

“This is good news for the industry, Rivian and Amazon,” a spokesperson for Rivian said in a statement first published on Wednesday. “Large fleets focused on electricity and carbon neutrality are a mission win for both companies. Amazon’s scale is unprecedented globally, and we expect them to purchase vehicles from many suppliers – our partnership with them is healthy, thriving, and growing.”

CNBC’s Jordan Novett contributed to this report.

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WATCH: Why Electric Vehicle Investors Can’t Ignore Rivian or Apple, According to Analysts

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