Rivian Stock Tumbles after Amazon announces Stellantis Van Deal

[SANZC02]

I didn't know UPS has an order in with them. Somehow I missed that. Cool!

I have not heard this either, I saw where they ordered 10k from startup Arrival, have seen nothing for Rivian except the 100k from Amazon.

@Monkey do you have any details around the UPS order?

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[Monkey]

@Monkey do you have any details around the UPS order?

I've read it in more than one place, I'll see if I can pull it up, it was a little bit ago... But after the IPO. No idea on quantity or anything like that, just that they have ordered a few. Rivian is taking fleet pre-orders for the delivery van for deliveries to start in '23.

 

[ja_kub_sz]

Ugh... Not good news, but I'm still of the opinion that Amazon wasn't a great fit for Rivian. Ford dropped 500 million, Koch Auto Group 350 million, but Amazon, 700 million, and now this? I don't see the branding synergy other then "well they're Amazon and it just has to be good". Rivian making vans for Amazon doesn't further the Rivian brand. It never would of. It may have made Rivian money, but then again that potentially was time effort and energy taken away from something that would have made them a whole lot more money if they could've focused more on making electric trucks and SUVs.

I said it before, I didn't want to have an Amazon delivery truck EV, nor do I want a Mercedes-Benz Sprinter Van. An Amazon partnership was a headline grab, and as is with anything coming from Amazon a deal that works out for Amazon first and everyone else second (or last).

If Rivian made a million Amazon delivery vehicles tomorrow, they still wouldn't be the potential company we'd all want them to be. They wouldn't be furthering their mission or ethos as they would be making trucks and SUV's. Keeping the world adventurous one Amazon delivery truck at a time is a farce. The potential that exist with Rivian was akin to Tesla, and that is to disrupt the legacy auto giants and shift consumer transportation into a new direction. RJ wanted to make an electric sports car, when did he change his mind and decide to make an electric delivery truck? It just seemed antithetical to what Rivian was trying to do, the conglomerate now before the individual adventurer. When did Amazon need to be adventurous is my point.

A fleet of electric Amazon delivery trucks won't do it, so what's the point? Money, oh yeah, that's right.

I pre-ordered Rivian before Amazon, I still have wholehearted believe in the brand and the product, but then again everybody else outside looking in doesn't see it that way, and that's a shame because it is going to hurt the people who do believe in Rivian, investors and such.

 

[GaryL]

Looks like RIVN is holding the $90 level but on sub average daily volume. Not a lot of chart history here but the next support level IMHO would be the IPO $78 seeing how we broke the first trade price pretty easy. We hang around here until share's unlock some people will have some interesting decisions to make.

 

[RideAlong]

Oh boy. A perfect example of Free Market Capitalism by way of exclusive contracts. ouch !

 

[Texasag05]

This dip in stock also hurts Amazon as a major stock holder. Just some fast food for thought.

 

[Pherdnut]

Ugh... Not good news, but I'm still of the opinion that Amazon wasn't a great fit for Rivian.

Nothing about this news suggests Amazon will no longer be using Rivian.

 

[Pherdnut]

It was just a media-coordinated short attack. Millions of shares weren't sold because Amazon wants more than one EV provider. The stock almost finished green at close yesterday. Headlines were out talking about the price "plunging" long before close and this was supposed to describe a very natural looking, minor, not-really-that-negative news selloff from gains in extended hours trading the night before. Then this AM we have an almost uninterrupted selloff dropping the price off a cliff for nearly 30 minutes straight? It was old news this morning. Why the massive delay? That and price action needs a better catalyst than this to start looking vertical.

Shorts love EV startups and until Rivian is more established, stuff like this will be commonplace. If you're legit long, that's something to be psyched about, not stressed about. Cost basis is something to be looked at after they've gone international and the first R2s are rolling off the line.

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