By Will Feuer

Shares of electric carmaker Rivian Automotive Inc. dipped briefly below their initial public offering price of $78 a share on Thursday, one day after major investor Amazon.com Inc. inked a deal with European carmaker Stellantis NV.

Rivian stock fell as much as 15% in morning trading Thursday, extending Wednesday's losses and notching a fresh 52-week low of $75.13, before paring the decline. They were last trading more than 9% lower at $81.55.

At the same time, Stellantis shares were 1.5% higher in morning trading.

On Wednesday, Stellantis said it signed a multiyear agreement to supply electric delivery vans to Amazon. Rivian also has a contract to make 100,000 vehicles for Amazon.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

01-06-22 1057ET