Shares of Rivian Automotive Inc. (RIVN) experienced a slight dip of 0.7% in premarket trading, but managed to recover from an earlier loss of 2.4%. This puts the company at risk of facing its first decline in the last ten sessions. Rivian’s stock price skyrocketed by an impressive 89.7% in a record nine-day winning streak before closing on Monday at its highest value since December 12, 2022.
The recent surge in Rivian’s stock can be attributed to strong production and delivery data, as well as the company’s expansion into Europe through a partnership with Amazon.com Inc. (AMZN). Notably, Amazon holds the position of Rivian’s largest shareholder. Rivian made headlines with the delivery of custom-made electric vans to Amazon, further solidifying its position in the electric vehicle market.
Over the past three months, Rivian’s stock has surged by a remarkable 73.1%. In comparison, Tesla Inc. (TSLA) has seen a 44.3% increase, the Global X Autonomous and Electric Vehicles exchange-traded fund (DRIV) has advanced by 14.4%, and the S&P 500 (SPX) has gained 7.3%.
Despite the recent dip, Rivian’s overall performance remains impressive, and investors continue to closely monitor its upward trajectory in the electric vehicle sector.