Why Rivian Stock Gained Momentum on Monday
After tumbling nearly 9.7% last week, Rivian Automotive (NASDAQ: RIVN) stock opened Monday on a positive note and had shot up 4.8% as of 10:43 a.m. ET. Although the electric vehicle (EV) stock gave up some of those gains as the day progressed, it was still up 1.7% as of 1:30 p.m. ET today.
The latest move from President Joe Biden has investors hoping Rivian could soon make a breakthrough in its biggest growth challenge yet.
In its recently filed annual report, Rivian listed supply constraints and cost pressure among its biggest risk factors. Specifically, Rivian highlighted how a shortage in the supply of key parts like batteries has added to its costs, and how the company is exposed to "multiple risks" related to the availability and prices of battery cells.
Source Fool.com
