Why Rivian Stock Plummeted This Week
Shares of Rivian Automotive (NASDAQ: RIVN) slipped this week. The firm's stock lost 10.1% as of market close, but was down as much as 12.2% earlier in the week, according to data from S&P Global Market Intelligence. The leg down comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq-100 gained 1.7% and 1.6%, respectively.
President Trump announced early into his presidency that he would roll back specific Biden-era EV-boosting initiatives. The president made it clear that his administration would take a much different approach to green initiatives in general.
In one of his many executive orders, President Trump will end the $7,500 tax credit President Biden initiated for those buying EVs, claiming he is ending the "electric vehicle mandate." When news broke of the order, EV stocks were hit badly, Rivian among them.
Source Fool.com
