Is Ford's Big EV Move a Red Flag for Rivian?
More and more signs point toward a future where the roads are filled with electric vehicles (EVs), but the U.S. is heading to that future a little slower than some investors hoped. Reports indicate that the sales growth in EVs slowed this past year and the prices of EVs are dropping too. While Rivian (NASDAQ: RIVN) has so far been immune to weakening demand, we're seeing it nearly everywhere else.
For instance, Ford Motor Company (NYSE: F) just made a big move to cut production of its key EV model, the F-150 Lightning. Is this news a reason for Rivian investors to worry about demand for its R1T truck?
Let's first take a look at what Ford's big move was. The folks at the Blue Oval announced it would cut two-thirds of the jobs at its Michigan plant that builds the F-150 Lightning -- a critical component to Ford's EV growth -- as it slows production.
Source Fool.com
