Why Rivian Stock Dropped Monday Morning
The entire automotive industry has been struggling with supply chain issues, including a shortage of semiconductors. But the Rivian Automotive (NASDAQ: RIVN) CEO is warning of a much bigger looming supply issue, and that has the stock down to start this week. After sinking as much as 6.6% in early trading, Rivian shares were down 4.7% as of 10:23 a.m. ET.
Rivian CEO RJ Scaringe says that the supply of batteries will be the biggest challenge to growing electric vehicle (EV) production. He said the battery supply issue will be "an order of magnitude worse" than the ongoing semiconductor shortage, reports The Wall Street Journal.
Source Fool.com
