Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower Monday, and the stock is down more than 18% over the past five days. Here's a look at what's going on.
What To Know:
Earlier in April, Ford Motor Company (NYSE:F) reduced prices on some of its F-150 Lightning models by as much as $5,500 to increase sales of its electric vehicles (EVs). The move may be helping push Rivian's stock lower as the Lightning is one of the only direct-competitors to Rivian's electric trucks.
Reports surfaced on Monday that Tesla, Inc. (NASDAQ:TSLA) will be laying off 10% of its workforce which could also be weighing on Rivian shares as ...