A Little Good News for Rivian Investors
Tracking electric vehicle (EV) registrations can be helpful to investors, as some automakers don't release monthly sales and some also don't break out sales per electric vehicle. It's a good way to keep an eye on the industry trends, and while the data is delayed a few weeks, April's data had some interesting movers, including Rivian Automotive (NASDAQ: RIVN).
U.S. EV registrations rose 14% in April, which was a nice turnaround from the slow growth witnessed during the first quarter. The increase was largely driven by more incentives from automakers trying to push excess EV inventory off the lots.
The top 10 EVs by registrations had some major moves, though continued to easily take first and second place with its Model Y and Model 3, respectively. Despite dominating the market, Tesla's registrations were actually down 17% in April, compared to the prior year, and its market share dropped to 46.3% from 63.8%, according to S Global Mobility.
Source Fool.com
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