Why Rivian Stock Accelerated Higher Today
After slowing down on Tuesday, shares of Rivian (NASDAQ: RIVN) resumed their rise today. The electric pickup manufacturer didn't have news to report itself, but the news of an electric vehicle (EV) peer, Lucid (NASDAQ: LCID), and the memory of an analyst's recent bullish commentary helped to buoy the stock higher.
While the S&P 500 rose 0.7%, shares of Rivian ended today's trading session 4.3% higher and continued climbing higher in after-hours trading as of 4:25 p.m. ET.
Falling short of analysts' estimates, Lucid reported second-quarter vehicle production and delivery figures today that failed to put a charge in investors' spirits. Lucid suffered a quarter-over-quarter decline in vehicle production from 2,314 vehicles in Q1 to 2,173 in Q2. Vehicle deliveries also fell -- albeit nominally -- from 1,406 vehicles in Q1 to 1,404 vehicles in Q2.
Source Fool.com
