Amazon might be one of the biggest wildcards in the electric vehicle industry
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Rivian Automotive (NASDAQ:RIVN) is one of the biggest decliners in the electric vehicle sector in early trading today. Shares are down 6.89% and are swapping hands at under $60 at last check vs. the IPO price of $78.

The electric vehicle startup has not set a date yet for its earnings report, which is being circled as a potential catalyst for a sizable share price move up or down. Rivian (RIVN) is likely to update on the number of pre-orders it has for vehicles and give more details on the production timeline.

What to watch: The update on the Amazon (AMZN
-3.1%) partnership will also be crucial to sentiment on RIVN. Amazon has exclusive rights to Rivianâs commercial vans for four years and a right of first refusal for two years beyond that. But Amazon's huge thirst for EVs has it looking elsewhere as well, even though it holds a sizable stake in Rivian (RIVN). Just this month, Amazon said it would buy thousands of electric Ram vans from Stellantis (STLA
-5.0%) and it has also ordered 1,800 electric vans from Daimler (OTCPK:DDAIF
-1.6%) in Europe. Amazon (NASDAQ:AMZN) also has a notable partnership with Indian automaker Mahindra (OTCPK:MAHDY). Investors will want to know how the Amazon test of Rivian vehicles is progressing and if the anticipated big order is still on track.
Related: Rivian and Amazon steer toward a symbiotic relationship across ESG, autonomy and final mile deliveries.