By Shares of Rivian Automotive Inc. (RIVN) experienced a slight setback in premarket trading, falling 0.9%. However, the company managed to recover from an earlier loss of 2.4%, putting them at risk for their first decline in 10 sessions. Rivian’s stock had seen an incredible surge of 89.7% during a remarkable nine-day winning streak, reaching its highest price since December 12, 2022.
The substantial increase in stock value can be attributed to the impressive production and delivery data, alongside Rivian’s recent expansion into the European market. The company achieved this by delivering custom-made electric vans to Amazon.com Inc., which also happens to be Rivian’s largest shareholder.
Over the past three months, Rivian’s stock has skyrocketed by a remarkable 73.1%. In comparison, Tesla Inc. (TSLA) has experienced a 44.3% increase, the Global X Autonomous and Electric Vehicles exchange-traded fund (DRIV) advanced by 14.4%, and the S&P 500 (SPX) gained 7.3%. Despite its recent dip, Rivian remains a formidable player in the electric vehicle market with promising prospects ahead.
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