(Reuters) – Shares of Rivian Automotive Inc fell below their IPO price of $78 for the first time on Thursday, alongside a broader selloff in electric vehicle stocks.

Rivian’s shares, which were up during premarket hours, fell as much as 16.5% to $75.13.

The drop also comes a day after one of Rivian’s biggest investors, Amazon.com Inc, signed a deal with Fiat and Alfa Romeo carmaker Stellantis NV.

Amazon.com and Stellantis said they would collaborate to develop cars and trucks that use the e-commerce company’s software and deploy electric delivery vans made by the Italian carmaker.

Deutsche Bank analyst Emmanuel Rosner said the fall in Rivian shares indicates that investors perhaps assumed Amazon would primarily rely on Rivian vans for its EV fleet and perceived the latest announcement as reducing its opportunity.

(Reporting by Nivedita Balu in Bengaluru; Editing by Ramakrishnan M.)