Shares of electric vehicle startup Rivian have fallen by around 15% in the last two days, hitting a new low after Amazon signed a deal to buy electric vans from rival automaker Stellantis and as investors continue to rotate out of high-growth stocks amid rising interest rates.Paul Sancya/ASSOCIATED PRESSAfter tanking 11% on Wednesday, Rivian’s stock fell another 3% to around $87 per share on Thursday.
News of the deal was a major setback for Rivian’s stock: Amazon is its second largest shareholder and its deal to buy 100,000 electric vans from Rivian was a big selling point during the electric vehicle maker’s IPO.
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