Investors had some conflicting feelings about the future of Rivian Automotive (NASDAQ: RIVN) stock today. But there's a good explanation for why its shares plunged and then recovered from their lows.
Rivian shares sank by more than 6% this morning, but recovered some of that drop by mid-afternoon. As of 3:30 p.m. ET, Rivian stock was still lower by 3.9%.
The big news that drove Rivian stock movements today was that Ford announced plans to slash its production estimates in half for the electric F-150 Lightening next year. Instead of planning for a production volume of 3,200 Lightening pickup trucks per week, Ford now expects to make about 1,600 per week starting in January.
Source Fool.com