Why Rivian Stock Was Thrown Into Reverse Today
Many investors unplugged the stock of specialty electric-vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) on Wednesday. Looming over the company was an announcement from a big rival that it was rolling out a new EV that'll compete with one of Rivian's models. As a result, the EV-company's share price took a nearly 5% hit on the day.
In what was probably an inevitable move, Chrysler parent Stellantis (NYSE: STLA) took the wraps off an EV version of its storied Ram pickup. The Ram 1500 REV, which was unveiled at the New York International Auto Show, will provide stiff competition for Rivian's R1T, the EV pickup foundational to its business.
Stellantis quoted Ram brand CEO Mike Koval as saying that the new EV "pushes past the competition in areas customers care about most including range, towing, payload and charge time."
Source Fool.com
