RIVN - Why Tesla and Rivian Stocks Went in Opposite Directions Today
2024-07-15 14:02:00 ET
U.S.-based electric-vehicle (EV) stocks have had a great past month. Shares of Tesla (NASDAQ: TSLA) , Rivian Automotive (NASDAQ: RIVN) , and Lucid Group (NASDAQ: LCID) are each higher by between about 50% and 60% in that time. There have been company-specific reasons for each of those moves.
Today, however, Tesla's stock jumped by as much as 7%, while Rivian and Lucid stocks are sinking. As of 1:15 p.m. ET, Tesla shares were up by 5%, Rivian was lower by 3.2%, and Lucid had plunged by 12.7%.
A changing political landscape that could be less friendly to EV makers is one reason for today's moves lower. But Tesla investors realize that the company may be better able to navigate those macro winds, especially after CEO Elon Musk made his views public this weekend.
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Why Tesla and Rivian Stocks Went in Opposite Directions Today