Why Rivian Stock Is Sinking Today
Rivian Automotive (NASDAQ: RIVN) stock dove this morning after the electric vehicle (EV) manufacturer pulled the plug on a potential deal with the world's most popular luxury car brand barely three months after announcing an agreement. Rivian stock dropped 5.2% within minutes of the market's opening Monday.
However, the EV stock regained some ground and was trading down only about 2.6% as of 11 a.m. ET as investors tried to evaluate the reasoning behind Rivian's move to call off the deal.
In early September, Rivian and Mercedes-Benz announced a joint venture to build affordable commercial electric vans, with initial plans including two large vans. The two companies intended to leverage an existing Mercedes-Benz site in Europe to build a new all-electric production facility to manufacture the two vans over the next few years.
Source Fool.com
