What's Going On With Rivian Stock?

Rivian Automotive Inc RIVN shares are trading lower by 3.11% to $20.90 Monday morning. Shares of several EV stocks are trading lower after peer Tesla Inc lowered some Model Y prices in China.

Although Rivian does not yet sell in China, Tesla's price reductions might raise concerns about Rivian's market share potential. Given Tesla's history and expansive reach, investors might doubt Rivian's ability to capture a significant portion of the EV market, thereby affecting stock performance.

Investors might also perceive Tesla's actions as a response to economic conditions, leading to concerns about Rivian's growth prospects in a potentially challenging environment.

What Happened?

Tesla announced in a Weibo post that it has cut the starting prices on both Model Y Long Range and Performance versions by RMB 14,000. While the Long Range will now start at RMB 299,900 ($41,403), Performance will now be priced at RMB 349,900 ($48,306), the post said.

The company also announced a limited-time insurance subsidy for inventory Model 3 rear-wheel drive vehicles of RMB 8,000 starting Monday...Read More

According to data from Benzinga Pro, RIVN has a 52-week high of $40.86 and a 52-week low of $11.68.