Benzinga | Jan 6, 2022 04:57AM EST

What Does Amazon-Stellantis Deal Mean For Rivian?

Rivian Automotive Inc (NASDAQ:RIVN) said it doesn't see any change in its partnership with Amazon.com Inc (NASDAQ:AMZN) as the latter teams up with Stellantis NV (NYSE:STLA) to provide in-car dashboard software and cloud services in a new deal.

What Happened: Rivian said its partnership with Amazon is intact, thriving, and growing and that it expects the e-commerce giant to purchase vehicles from many providers, Teslarati reported on Wednesday, citing the company.

Amazon is a major investor in Rivian and has a prior agreement to buy up to 100,000 electric vans from the recently listed electric vehicle startup that has quickly scored a high valuation.

Rivian CEO RJ Scaringe last week said the company is delaying deliveries of its 400-mile R1T pickup truck to 2023.

See Also: Tesla Can End Up Being The 'iPhone' Of The EV Industry And It's 'Show Me Year' For Ford, Rivian, Lucid: Gene Munster

The Collaboration: Stellantis on Wednesday picked Amazon to deliver software solutions for its new digital cabin platform, STLA SmartCockpit, starting in 2024.

Amazon will also be the first commercial customer for the Stellantis' new Ram ProMaster Battery Electric Vehicle (BEV) in 2023, the companies said.

As part of the collaboration, Stellantis will also use Amazon as its preferred cloud provider for vehicle platforms to deliver on its long-term, software-focused vision.

The two companies have already had a partnership since 2018 under which Stellantias has delivered thousands of vehicles to Amazon for last-mile delivery in North America and Europe.

Price Action: Rivian shares closed 11.2% lower at $90 on Tuesday. The Amazon and Ford Motor Co (NYSE:F)-backed Rivian's market valuation has slipped to $81 billion, below that of legacy players Ford and General Motors Co (NYSE:GM).

Photo: Courtesy of Richard Truesdell via Wikimedia