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Why Rivian Stock Keeps Going Down
One day after electric truck company Rivian Automotive (NASDAQ: RIVN) voluntarily blew up its stock price by announcing it would raise the price of its R1T pickup truck by 17%, and its R1S SUV by 20%, Rivian stock is tumbling once again on Thursday. As of 10:25 a.m. ET, Rivian is down another 5% — a total of an 18% drop since this debacle began. After announcing yesterday that “inflationary pressure, increasing component costs, and unprecedented supply chain shortages and delays for parts (including semiconductor chips)” necessitated the price hikes just yesterday, today Rivian CEO RJ Scaringe promised that Rivian would eat some of those costs itself.
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