Why Is Rivian (RIVN) Stock Down Today?

InvestorPlace2022-03-04

Shares of Rivian(NASDAQ:RIVN) stock closed down 5% today amid general market weakness in the Nasdaq 100. However, that isn’t the only factor sending Rivian lower.The news? Yesterday, Rivian announced ...

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JCai
·2022-03-05
K
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Kelvinpek
·2022-03-05
At least it's a good start and good call from the ceo on the preorders
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Dazz
·2022-03-04
Profits will take a hit in the near future tooas it makes a maximum loss of $20K for each pre-ordered vehicle it sells.
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Vincent1968
·2022-03-04
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Mr Mooney
·2022-03-04
Chinese stock! Should we invest?
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CIG
·2022-03-04
I never liked Rivian last year, despite those analysts kept promoting it.
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YJ Lee
·2022-03-04
Ok
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ngchris
·2022-03-04
Not a wise move to increase price at this time
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4
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ECHP
·2022-03-04
ok
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However, that isn’t the only factor sending Rivian lower.The news? Yesterday, Rivian announced ...</p>\n\n<a href=\"https://investorplace.com/2022/03/why-is-rivian-rivn-stock-down-today/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RIVN","symbol_name":"Rivian Automotive, Inc.","start_time":0,"source_url":"https://investorplace.com/2022/03/why-is-rivian-rivn-stock-down-today/","article_id":"1166796395","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1166796395","pubTimestamp":1646359145,"sourceInfo":{"source_id":"lsy1606302653667","name":"InvestorPlace"},"weMediaInfo":null,"summary":"Shares of Rivian(NASDAQ:RIVN) stock closed down 5% today amid general market weakness in the Nasdaq ","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"RIVN":"Rivian Automotive, Inc."},"translate_title":"为什么Rivian(RIVN)的股票今天下跌？","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RIVN":0.9},"content_text":"Shares of Rivian(NASDAQ:RIVN) stock closed down 5% today amid general market weakness in the Nasdaq 100. However, that isn’t the only factor sending Rivian lower.The news? Yesterday, Rivian announced that it would be increasing the prices for its electric vehicles(EVs) with a quad-motor and large battery pack by as much as $20,000. This price change affected both the R1T and R1S models. Rivian attributed the price hikes to “inflationary pressure, increasing component costs, and unprecedented supply chain shortages and delays for parts (including semiconductor chips).”Here’s what else investors in RIVN stock should know.RIVN Stock: Why Is Rivian Down Today?On top of the price hike itself, there’s another detail making matters worse for RIVN stock. Specifically, the company announced that customers who submitted a preorder prior to the hike would still have to pay the higher price. Logically, this move enraged customers. Many stated they would cancel their orders. Some even accused Rivian of engaging in a“gigantic bait and switch” tactic.Fortunately, the company decided to do the right thing and revert its price hike for customers who had previously placed a preorder. In a statement released by CEO RJ Scaringe this morning, the executive admitted that Rivian had “made a mistake in how we approached our pricing changes.” The CEO also said that the hike was “wrong” and apologized to shareholders for breaking their trust in the companyScaringe explained to customers that anyone who had made a preorder prior to March 1 would only have to pay the original price. The CEO added that anyone who canceled their preorder on or after March 1 would be eligible to have their preorder reinstated at the original price.That said, the price hike will still be applicable for all future orders. Scaringe noted that the price of a new vehicle has risen by over 30% since 2018. The costs of EV components ranging from “semiconductors to sheet metal to seats” have also gone up.What’s Next for Rivian?In other EV news, Rivian competitorLucid(NASDAQ:LCID) reported disappointing earnings this week. The company disclosed “extraordinary supply chain and logistics challenges.” What’s more, Lucid lowered its 2022 production guidance to between 12,000 and 14,000 vehicles from 20,000 vehicles previously. 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Should we invest?","listText":"Chinese stock! Should we invest?","text":"Chinese stock! Should we invest?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033759132","repostId":1166796395,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9033750292,"gmtCreate":1646362673998,"gmtModify":1676534122476,"author":{"id":"3583974841960176","authorId":"3583974841960176","name":"CIG","avatar":"https://static.tigerbbs.com/6c2077e2370e1ffcaca7e29b875be2be","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":5,"crmLevelSwitch":1,"authorIdStr":"3583974841960176","idStr":"3583974841960176"},"htmlText":"I never liked Rivian last year, despite those analysts kept promoting it.","listText":"I never liked Rivian last year, despite those analysts kept promoting it.","text":"I never liked Rivian last year, despite those analysts kept promoting it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033750292","repostId":1166796395,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9033722094,"gmtCreate":1646361645571,"gmtModify":1676534122371,"author":{"id":"4108816210230400","authorId":"4108816210230400","name":"YJ Lee","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4108816210230400","idStr":"4108816210230400"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033722094","repostId":1166796395,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9033729109,"gmtCreate":1646360807933,"gmtModify":1676534122236,"author":{"id":"3572005609122539","authorId":"3572005609122539","name":"ngchris","avatar":"https://static.tigerbbs.com/76fa13deb76ef9b61305ed927b5c3290","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3572005609122539","idStr":"3572005609122539"},"htmlText":"Not a wise move to increase price at this time","listText":"Not a wise move to increase price at this time","text":"Not a wise move to increase price at this time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033729109","repostId":1166796395,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9033762107,"gmtCreate":1646359743131,"gmtModify":1676534122111,"author":{"id":"3582659413330616","authorId":"3582659413330616","name":"ECHP","avatar":"https://static.itradeup.com/news/2612a9aaf6e7b5436051253de72e2157","vip":1,"crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3582659413330616","idStr":"3582659413330616"},"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033762107","repostId":1166796395,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":173,"commentSize":9,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}