Rivian Stock Is Sliding After The Bell: What's Going On?
Portfolio Pulse from Adam Eckert
Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower in after-hours following reports that the company has no plans to produce vehicles with Volkswagen under their recently announced joint venture. Despite earlier reports suggesting potential hardware and joint production, Rivian confirmed it will continue its R2 production independently.
July 02, 2024 | 8:58 pm
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NEGATIVE IMPACT
Rivian shares are down after-hours following confirmation that the company will not produce vehicles with Volkswagen under their joint venture. Rivian will continue its R2 production independently.
The news directly impacts Rivian's stock as it clarifies the company's production plans, which contradicts earlier reports of a potential hardware partnership with Volkswagen. This has led to a negative market reaction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100