2024-04-15 09:10:00 ET
Rivian (NASDAQ: RIVN) and Nikola (NASDAQ: NKLA) were once two of the market's hottest electric vehicle stocks. Rivian went public in Nov. 2021, and it soared from its IPO price of $78 to a record high of $172.01 a week later. Nikola went public by merging with a special purpose acquisition company (SPAC) in June 2020, and the combined company's shares opened at $37.55 on its first trading day before more than doubling to its all-time high of $79.73 a week later.
But today Rivian's stock trades at about $9 and Nikola's shares are worth less than $1. Nikola even recently proposed a reverse stock split to bring its stock price above the $1 threshold to avoid the risk of the stock getting delisted.
Image source: Rivian.
For further details see:
Better EV Stock: Rivian Automotive vs. Nikola Corporation