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Why Rivian Stock Sank Today

TheMotleyFool

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Why Rivian Stock Sank TodayPhoto, wide shot, wide-angle lens, soft focus, Car rental company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-C39HK7mRtkD4E8dIGhNKdJKJ.png?st=2023-05-14T13%3A30%3A04Z&se=2023-05-14T15%3A30%3A04Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-13T20%3A57%3A44Z&ske=2023-05-14T20%3A57%3A44Z&sks=b&skv=2021-08-06&sig=c7kEiWtHt1KibrlL7jP9uEmEuV%2BuAnv1nRBACXoedSk%3D

Rivian Automotive (NASDAQ: RIVN) shares have more than doubled in the last three months, but that run might be coming to an end. After recovering from an early drop in yesterday's trading, Rivian stock is heading lower again Wednesday morning. As of 10:25 a.m. ET, Rivian shares were down by 5.3%

News from the competition looks to be what's driving the stock lower today. Ford Motor Company (NYSE:F) released its July sales data today, and electric vehicle (EV) sales dropped by 18% compared to last year. That's especially notable since the automaker has been working hard to ramp up production this year. Ford also sold nearly twice as many hybrid vehicles as EVs last month. Its hybrid sales jumped more than 31% year over year.

Source Fool.com

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