May 29, 2022

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Rivian Automotive dips despite positive reviews of its flagship model

  • NASDAQ:RIVN fell by 0.50% during Wednesday’s trading session.
  • The first positive reviews of the R1T are revealed online.
  • Tesla surges as CEO Elon Musk says he is finished selling stock.

NASDAQ:RIVN carried on with the volatile price action that has plagued the electric truck maker since its IPO last month. On Wednesday, shares of RIVN fell by 0.50% and closed the trading session at $96.34. Just one day after Rivian’s stock surged higher, it pulled back which has been the pattern for the company as of late following a shaky earnings report. Even on a day where growth stocks gained as the NASDAQ paced the broader markets by adding a further 1.18% during the session. The Dow Jones jumped by 261 basis points and the S&P 500 also saw another green day after climbing by 1.02%. 

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Early reviews of Rivian’s R1T electric truck are leaking online, and it is so far so good for the company’s flagship model. The truck is already a finalist for the Green Car Reports Best Car to Buy in 2022, while popular YouTube channel Chicago Auto Pros marvelled at the quality of the interior detailing of Rivian’s truck. As more Rivian trucks are made available for test drives, expect a rise in online reviews for both the R1T and the R1S electric SUV. 

Rivian stock price prediction

RIVN Stock

Meanwhile much of the attention in the electric vehicle sector on Wednesday was aimed at industry leader Tesla (NASDAQ:TSLA). The stock paced the sector by gaining 7.49% on the news that CEO Elon Musk had completed his sale of shares for the year. This gain cut the losses for the past month down to just over 9% for Tesla’s stock, so the brief visit down to the $900 price level could soon be a distant memory for Tesla investors.

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