The stock price for electric truck company Rivian fell below the price of its initial public offering after Amazon said it would also buy electric delivery vans from Chrysler owner Stellantis.
Amazon is Rivian’s second-largest shareholder, and a deal to buy 100,000 electric vans from the start-up formed one of the cornerstones of the company’s appeal during its soaring IPO in November.
But on Wednesday, Stellantis announced a deal to sell its own electric Ram ProMaster vans to the online shopping company from 2023.
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