Better EV Stock: Nio vs. Rivian
(NYSE: NIO) and Rivian Automotive (NASDAQ: RIVN) were once two of the market's hottest electric vehicle (EV) stocks. Nio, the Chinese EV maker, which went public at $6.26 per American depositary receipt (ADR) on Sept. 12, 2018, surged tenfold to a record closing price of $62.84 on Feb. 9, 2021. Rivian, an American maker of electric pickups, SUVs, and vans, went public at $78 on Nov. 10, 2021. Its stock more than doubled to its highest closing price of $172.01 a week later.
But today, Nio and Rivian trade at roughly $4 and $12, respectively. Both stocks plunged as they delivered fewer vehicles from year to year and racked up steep losses along the way. So should investors buy either of these out-of-favor EV stocks as a contrarian play?
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