Text size
Amazon has ordered 100,000 delivery vans from Rivian.
Courtesy Amazon
Stock in Rivian Automotive is falling fast because it seems the start-up has competition in supplying electric trucks to Amazon.com, one of its investors.
Rivian stock resumed its slide Thursday, falling another 11% to about $80. That’s just a hair above its initial public offering price.
On Wednesday, Rivian (ticker: RIVN) stock closed down more than 11% at about $90.01 a share, while the
S&P 500
fell 1.9% and the
Dow Jones Industrial Average
dropped 1.1%. The market weakened as the minutes from the latest meeting of the Federal Reserve’s rate-setting committee, made public Wednesday afternoon, led to expectations for tighter monetary policy to fight inflation.
But earlier Wednesday, before the Fed news hit stocks,
Stellantis (ticker: STLA) and Amazon (AMZN) had announced a collaboration that was centered on vehicle software. The news release, however, also said
