Why Rivian Stock Is Tapping the Brakes Today
Shares of the electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) were sliding this morning on seemingly no company-specific news. Instead, investors may be reacting to the fact that fellow EV maker Tesla delivered fewer vehicles in the third quarter than Wall Street was estimating.
EV investors often look to other companies to gauge how well the industry is doing, and it appears that Rivian shareholders took Tesla's latest vehicle production and delivery numbers as a troubling sign for other EV companies.
As a result, Rivian's stock fell by as much as 5.8% today and was down by 4.2% as of 11:15 a.m. ET.
Source Fool.com
