Hyperdrive
Rivian Falls Most Since November After Amazon’s Stellantis Deal
- EV startup has prior deal with tech firm for delivery vehicles
- Stellantis CEO says new order is a ‘significant number’
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Rivian Automotive Inc. fell the most since mid-November after Amazon.com Inc., one of its biggest backers and customers, agreed to buy battery-electric delivery vans from rival automaker Stellantis NV.
The first vehicles under the new order are due next year, Stellantis said Wednesday. It didn’t disclose the size of the deal, but Chief Executive Officer Carlos Tavares said the order was a “significant number.”