tl;dr
Electric vehicle maker Rivian Automotive (NASDAQ: RIVN) recently laid off around 20 members of its team dedicated to long-range battery cell development, including the company's lead cell engineer, Victor Prajapati. This move suggests a shift in Rivian's strategy, as the California-based company cur...
Electric vehicle maker Rivian Automotive (NASDAQ: RIVN) recently laid off around 20 members of its team dedicated to long-range battery cell development, including the company's lead cell engineer, Victor Prajapati. This move suggests a shift in Rivian's strategy, as the California-based company currently buys battery cells from Samsung SDI and assembles them at its Illinois manufacturing plant, indicating a potential change in plans for battery production at its new Georgia factory. In other news, Rivian projects an increased vehicle production of 54K units for the year, amending its Amazon agreement to sell commercial vans to other customers as well. Despite these developments, shares of Rivian Automotive slipped 0.10% in premarket trading to $19.17, reflecting potential market anticipation and concerns.
More about Rivian Automotive Inc
Rivian Automotive Inc is a manufacturing company in the motor vehicles and passenger car bodies industry with a market cap of $18,378,609,000. The stock has shown a negative performance with a decrease of 6.02% and a volatility of 4.033. Market sentiment appears to be bearish with a negative change in stock price of 1.49%. The company has a total revenue of $3,782,000,000 and a price-to-earnings ratio of 26.56. Given the recent stock performance and market sentiment, there are potential risks and uncertainties associated with investing in Rivian Automotive Inc.
More about Tesla Inc
Tesla Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. In 2020, Tesla captured 16% of the plug-in market and 23% of the battery-electric market, indicating strong sales in the electric vehicle segment. The company also develops and installs solar photovoltaic energy generation systems and is a major global supplier of battery energy storage systems. The stock performance shows a current price of $78.02, with a 3.11% change and a market cap of $771.33 billion. The Relative Strength Index (RSI) is at 30.28, indicating a potentially oversold condition. Overall, the market sentiment may be bearish based on the RSI, but the strong sales performance in the electric vehicle market presents potential opportunities for growth.
Disclaimer:
This is not financial advice. Please do your own research before investing in any asset.