Why Rivian Stock Is Jumping Today
Rivian Automotive (NASDAQ: RIVN) stock is gaining ground in Friday's trading. The electric vehicle (EV) specialist's share price was up 3.2% as of 2 p.m. ET and had been up as much as 5.6% earlier in the session.
Rivian's valuation is climbing higher following recent comments made by CEO RJ Scaringe about the company's strategy and outlook under the new Trump administration. While the canceling of a Biden-era executive order on EVs and potential canceling of rebate and tax credits could create some headwinds, Scaringe thinks that these challenges will prove be less significant than many people are expecting.
In a recently published interview with Business Insider, Scaringe acknowledged that Rivian is facing increased uncertainty now that Trump has returned to the White House. On the other hand, the CEO said he wasn't overly worried about the potential removal of EV subsidies and said there were ways that Rivian could adapt to shifting conditions. Of particular note, he said that the removal of tax subsidies could cause his company to offer vehicles at lower price points.
Source Fool.com
