Why Rivian Stock Is Crashing Again Today
When the markets opened this morning, it appeared Rivian Automotive (NASDAQ: RIVN) stock was headed for a bumper day. The electric vehicle (EV) stock, after all, jumped as much as 9.2% early Tuesday. As of noon ET, though, shares in Rivian were trading down 2.3%.
So what's behind this roller-coaster ride today? A lot, you could say.
Rivian stock plunged yesterday after the EV maker called off a potential deal with German luxury automaker Mercedes-Benz to make large commercial vans in Europe barely three months after signing a non-binding agreement. Rivian intends to prioritize deliveries of its existing orders on both the consumer (R1T pickup truck and R1S SUV) and commercial (electric delivery vans) sides.
Source Fool.com
