Why Rivian Stock Dropped Friday
The stock of Rivian Automotive (NASDAQ: RIVN) dropped sharply early Friday morning. The 6.5% dip may have come in reaction to another domestic EV maker's first-quarter report last night. Rivian shares bounced back from that drop, however, remaining down just 1% as of 11:04 a.m. ET.
When Rivian reported its fourth-quarter and full-year 2021 results in March, it told investors it was facing rising raw material costs and supply chain pressures. It had already tried to raise product pricing, even for customers who had existing reservations for its electric pickup truck and SUV models.
Image source: Rivian Automotive.
Source Fool.com