Shares of Rivian had been down one other 10% to a brand new 52-week low on Thursday, a day after automaker Stellantis introduced that Amazon would offer its cloud providers and in-car dashboard software program.

Rivian inventory is now down greater than 21% for the week, after falling 11% throughout Wednesday’s buying and selling session, and is about 54% off its excessive on Nov. 16. If it holds till markets shut, the transfer is ready to shave greater than $9 billion from Rivian’s market cap, bringing it to about $72 billion. It is now priced solely a couple of greenback above its $78 IPO worth.

Stellantis, previously generally known as Fiat Chrysler, additionally introduced that Amazon can be the primary business buyer of its Ram ProMaster battery-electric automobile.

Rivian, an electrical automobile firm backed by Amazon, debuted on the Nasdaq simply two months in the past. Rivian had named Amazon its most popular cloud supplier and is contracted to make 100,000 automobiles for the corporate by 2030.

An Amazon spokesperson reiterated the corporate’s help for Rivian in a press release to CNBC on Wednesday.

“We at all times knew that our formidable sustainability objectives in our final mile operations would require a number of electrical supply van suppliers,” the spokesperson stated in a press release. ”We proceed to be enthusiastic about our relationship with Rivian, and this does not change something about our funding, collaboration, or order measurement and timing.”

-CNBC’s Jordan Novet contributed to this report.

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