Why This Tesla Rival Is Seeing High Interest From Retail Investors Today

Electric vehicle maker Rivian Automotive Inc. RIVN is seeing high interest from retail investors on Reddit’s r/WallStreetBets forum as of early Friday.

What Happened: Rivian — a Tesla Inc. TSLA rival — is seeing the second-highest interest on the forum behind exchange-traded fund SPDR S&P 500 ETF Trust SPY with 249 mentions at press time, data from Quiver Quantitative showed.

The stock is also the top trending ticker on Stocktwits.

See Also: Rivian Failed To Disclose Price Hike Plans To Investors, Lawsuit Alleges

Why It Matters: Amazon.com Inc. AMZN-backed Rivian on Thursday reported a wider-than-expected net loss for the fourth quarter, while revenues too missed analysts’ estimates.

Following in the footsteps of Tesla, Rivian said it will install batteries made of lithium-iron-phosphate (LFP) in some of its vehicles this year as a hedge against skyrocketing prices of nickel amid a supply squeeze caused by the Russia-Ukraine war.

Price Action: Rivian shares closed 6.4% lower in Thursday’s regular trading session at $41.16 and further lost 12.7% in the after-hours session to $35.93.

Read Next: Tesla Rushes To Hike Prices Of Some Model 3, Model Y Cars In US Amid Surging Nickel Prices