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Why Rivian Stock Dropped Today
Rivian Automotive (NASDAQ: RIVN) stock dropped Friday morning, shedding almost 4.6% in the first hour of trading before gaining some ground. The electric-vehicle (EV) stock was already under a bit of pressure this week after Rivian’s expansion project ran into hurdles, and it appears some of the things CEO RJ Scaringe just said at the Wolfe Research virtual global auto, auto-tech, and mobility conference failed to lift investor sentiment. One of the biggest challenges that Scaringe highlighted at the conference on Thursday was the ongoing semiconductor-chip shortage, according to Reuters.
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