Shares in US startup Rivian, which in just a few days became the third-largest car maker by market value, fell momentarily below their initial public offering this Thursday. The electric car maker’s plunge on the stock market came after Amazon, the company’s second-largest shareholder, announced it would buy electric trucks from a competitor. Stellantis from Peugeot and Chrysler. The announcement caught the market by surprise and sent Rivian shares down nearly 16% to $ 75.13 on Thursday, up from the company’s debut price of $ 78 per share. For a short time, the company traded below the initial public offering (IPO) price, but quickly reduced losses and returned to trading above the IPO price, although it continued to decline – at the end of the day, the yield was 2.98% to $ 87.33. To calm the situation, Rivian has publicly stated that the deal between Amazon and Stellantis is “good news” for the auto industry as it intensifies efforts to reduce carbon dioxide emissions by reducing pollutants. Rivian also guarantees that the partnership with Amazon is ‘not broken’ and that it hopes so. “buy cars from many suppliers ”.
However, these announcements were not enough to bring the company back to earnings in the stock market. Wednesday, the day of the partnership between Amazon and Stellantis, já a Rivian shares fell 11% as the stock fell to $ 90.
The partnership between the retail giant and Stellantis is focused on developing “a series of IT products and services that are perfectly integrated into the digital world of users,” that is, software for vehicles “with updates” over the air “(remotely) that will add value over time.” In addition, Amazon will be the first seller of the Stellantis Ram Promaster electric truck.
CWith 652 units produced by December 15 and only 386 vehicles delivered, Rivian was one of the fastest-performing startups in the stock market, with a 30% jump in just a month. Amazon is one of the companies that ordered electric vehicles from Rivian (100 thousand in total).
