Why Rivian Stock Crashed Early Today and Could Fall Further
When Rivian Automotive (NASDAQ: RIVN) stock crashed last week, I believed it had further to fall. The electric vehicle (EV) stock tumbled 5.4% as of 11:05 a.m. ET today before recouping those losses by two hours later. Even then, Rivian shares though were still down about 7% through the week.
Rivian announced a partnership this morning, but investors seemed to care less about it and more about the bumpy road ahead for the company, especially the looming threat of a large investor off-loading its stake in Rivian.
Today, Rivian announced a partnership with Clearloop under which the EV maker will buy its first megawatt of solar energy to provide electricity for its charging network planned for Tennessee state parks. The move is part of Rivian's carbon neutrality goals.
Source Fool.com
