Does This Move by Rivian Spell Desperation?
The ugly truth in the electric vehicle (EV) industry right now is that many investors are skittish. For many EV start-ups, the fear of a cash crunch and of increasing competition hurting sales is very real.
That means any development that has a potential to be a red flag is put under the microscope, including Rivian's (NASDAQ: RIVN) recent move to sell vehicles right outside its factory in Normal, Illinois. Rivian has many things going for it as a long-term investment, but was the company's recent move for sales innovative, or a sign of desperation?
Rivian tested out an unusual -- and that's probably not a strong enough word -- move by selling excess inventory of vehicles just outside its factory this past Saturday. The move gave customers a way to browse multiple versions and options of its R1T electric pickup truck, take them for a test drive, and potentially order a vehicle for delivery or drive away with the new car smell that day.
Source Fool.com
