Why Rivian Automotive Stock Popped on Friday
Rivian Automotive (NASDAQ: RIVN) stock opened higher Friday morning, and has continued to climb as the day wore on, reaching a 3.8% gain as of 11:15 a.m. ET.
With archrival (NASDAQ: TSLA) preparing to enter the electric pickup market at any moment, you might expect the opposite result and think that Rivian stockholders would be feeling nervous right about now. But as Rivian CEO RJ Scaringe explains, Tesla's arrival doesn't really worry him, because "our success doesn't require someone else's failure, and vice versa."
Responding to a question about Tesla's Cybertruck at the Code Conference 2023 on Thursday, InsideEVs reported yesterday, the Rivian CEO demurred that "if you were to think of like the Venn diagrams of customers [considering buying a Rivian truck or a Cybertruck], there's probably not a lot of overlap." And elaborating on his point in a roundabout way, he even complimented Tesla on building "something that's so different" in appearance from Rivian's own R1S electric SUVs and R1T electric pickup trucks.
Source Fool.com
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