Why Rivian Stock Dropped Thursday
Rivian Automotive (NASDAQ: RIVN) stock is hitting the brakes today after it spiked nearly 14% yesterday. When initially announced, the deal that included direct investments into Rivian from Volkswagen and the creation of the JV was valued at a total of $5 billion.
Is Rivian Stock a Buy After Plunging 15%?
But their differences are what make Rivian shares a steal today. Rivian stock trades for less than 2 times sales, while Tesla shares trade at nearly 10 times sales. The market is right to be skeptical, as the electric car space is full of historical failures.
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