RIVN Stock News: Rivian erases gains as EV sector and NASDAQ tumble
NEWS | 1/14/2022 11:02:21 AM GMT | By Stocks Reporter
NASDAQ:RIVN fell by 7.13% during Thursday's trading session.
Some details emerge on Rivian's new Georgia factory.
Ford reaches a $100 billion market cap for the first time in its history.
NASDAQ:RIVN investors have not had a rosy start to the new year after the electric truck maker's stock has now lost 22% during the first two weeks. Shares of RIVN tumbled a further 7.13% on Thursday and closed the trading session at $80.31. It was a rough day all around for growth names as the NASDAQ plummeted by 2.51% after trading higher for the first three days of the week. The Dow Jones and the S&P 500 also fell by 0.49% and 1.42% respectively, as the markets digested the record CPI levels reported on Wednesday.
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There have been some details emerging about Rivian's new $5 billion production factory in Georgia. The new facility is estimated to be five times larger than its current Illinois factory and will measure out to be a staggering 20 million square feet. Following the upgrades at the original facility, it will only measure out to be about 4 million square feet. Rivian is moving fast with its scaling and plans to have a capacity of several hundred thousand vehicles annually in the next couple of years.
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In other EV truck news, legacy automaker Ford (NYSE:F) reached an impressive milestone for the first time in its long history. Shares of Ford have been on a tear this year and are now up 15% since the start of 2022. This surge has pushed Ford over the $100 billion level in terms of its market cap. Ford has a 12% stake in Rivian so the two companies do benefit when they each perform well.
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