Rivian stock is down more than 3% as the EV company and Amazon consider changes to the deal

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The spokesperson said the two companies are in discussions. “We continue to work closely together and face a changing economic climate, as do many companies,” she said. “Our relationship with Amazon is a very positive one.”

Rivian and Amazon

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It signed a deal in 2019 to sell all of the electric car maker’s last-mile delivery vans to Amazon, which has been building its own delivery systems in an effort to reduce reliance on logistics companies like FedEx Corp.

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and United Parcel Service Inc.

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Amazon invested $700 million in Rivian as one of the first major backers of the EV maker. It’s Rivian’s largest shareholder, according to FactSet, with a 17% stake that’s currently worth more than $2 billion.

Rivian has been under pressure to ramp up production and cut costs, and last month the company disappointed Wall Street by missing fourth-quarter revenue forecasts and revealing struggles with parts shortages and other manufacturing shortcomings.

Rivian shares have lost 63% in the past 12 months, compared to a loss of about 7% for the S&P 500.

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