Why Rivian Stock Dropped Again Today
Rivian Automotive (NASDAQ: RIVN) shares have been in a free fall recently. That continued today as seemingly bad news from electric vehicle (EV) makers continued to be released. Even though there hasn't any real negative news out of Rivian itself, shares have plunged by more than 50% in the last three months.
Today's drop seems to be more of the same. Bigger-picture EV news that implies a continued drop in demand seems to be hitting Rivian particularly hard. Rivian stock was down 5.1% to start this trading week as of 11:45 a.m. ET Monday.
One factor that hit Rivian shares recently was the decision by Ford Motor Company to cut pricing on its F-150 Lightning models by as much as $5,500. That vehicle is one of the only direct competitors to Rivian's R1T full-size electric pickup truck.
Source Fool.com
