What's Going On With Rivian Automotive Stock?

Rivian Automotive, Inc. RIVN shares are trading higher Monday, though the stock remains down by more than 33% over the past month. Here’s a look at what’s going on.

What To Know:

According to a Bloomberg report, long-time vice president of hardware engineering at Apple, Inc. AAPL DJ Novotney, will be joining Rivian as its senior vice president of vehicles programs, reporting directly to CEO RJ Scaringe.

Rumors are swirling around a potential March 2024 launch of Rivian’s R2 model after an agenda report from a Laguna Beach City Council meeting shows that the council is set to approve an event submitted by Rivian and titled “Rivian R2 Launch.”

The document states, "Rivian has submitted a request to utilize the grass area in front of the Main Beach Lifeguard Tower for showcasing its vehicles. The display is scheduled for March 7, 2024, from 3:45 PM until sunset, and it will complement the simultaneous product launch inside the Rivian theaters. The vehicles will be on display for international purposes only and will not be available for sale."

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RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are up 3.56% at $15.84 at the time of publication.

Image: Couresty of Rivian Automotive, Inc.