Why Rivian Stock Is Dropping Today
Rivian Automotive (NASDAQ: RIVN) stock was trading down 2% as of 12:45 p.m. ET today. An update from e-commerce giant Amazon sent shares of Rivian rallying 2.9% higher in early morning trading, but the electric vehicle (EV) stock failed to sustain momentum. Investors, perhaps, are nervous ahead of Rivian's upcoming earnings release.
This morning, Amazon revealed its EV fleet now has more than 1,000 delivery vans, all from Rivian, and that they'll be used to deliver packages in over 100 cities in the U.S. in the upcoming holiday season. It will be the first such holiday season when Amazon will use electric vehicles for deliveries.
Amazon further stated that it's working with Rivian to roll out "thousands" of electric delivery vans (EDVs) by the end of 2022 and 100,000 EDVs by 2030.
Source Fool.com
