Why Shares of Rivian Are Headed in Reverse Today
While it managed to electrify some enthusiasm among the bulls on Monday, Rivian Automotive (NASDAQ: RIVN) is failing to maintain momentum today. Thanks to news that Ford (NYSE: F) is accelerating production of its Lightning F-150 electric truck and an analyst downgrade on the stock, Rivian investors are finding sufficient cause to unplug from the company's stock.
As of 1:14 p.m. ET, shares of Rivian have fallen 8.5%.
Ford announced today that production has begun for the company's highly sought-after electric truck, Lightning F-150. According to Ford, the company has received 200,000 reservations for the vehicle, which is a competitor to Rivian's electric-truck offerings R1T and R1S.
Source Fool.com
