TSLA - What's Going On With Rivian Stock? | Benzinga
Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading slightly lower with the broader market Friday. The stock remains up by nearly 50% over the past month.
The Details:
A recent report from Recurrent Auto shows that electric vehicles are on pace to reach 50% of all vehicles on the road in the United States by 2030, which some view as a gateway to more widespread adoption of EVs.
According to data from the California New Car Dealers Association, Rivian has seen its vehicle registrations increase in the state by 76.7% this year, while Tesla, Inc. (NASDAQ:TSLA) registrations have fallen 17% compared to last year.
Cooler June inflation data, an increase in jobless claims and flat U.S. retail sales data have pushed Fed futures to indicate a likely interest rate cut in September, while traders estimate an 88% chance for a 25-basis-point cut. A lower rate environment would be favorable for the EV sector by improving debt conditions and reducing the discount rate applied to future earnings.
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