Rivian Automotive (RIVN.US), US electric vehicle manufacturer, is taking a hit today. Stock is plunging over 6% and drops below the $10 per share mark for the first time in history. While there was no Rivian-specific news behind the drop, big EV price cuts from Ford Motor (F.US) are quoted as a reason behind the move lower. Namely, CarsDirect reported that Ford Motor decided to cut F-150 Lightning prices by up to $5,500. This is the biggest price cut the company has made to date. While large automotive companies, like for example Ford Motor, may afford to lower prices in order to encourage demand, smaller companies like Rivian, which often still are cash-burning vehicles, are not as flexible. While Rivian drops over 6% today, other EV companies, like NIO, Lucid or Nikola, are also underperforming.
Rivian Automotive plunge below $10.00 support zone today and broke to all-time lows. Stock is trading around 60% year-to-date lower.
Source: xStation5
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