Rivian and Mercedes Make Deal, Shares in Both Rocket
By Caelan Webster, Daily Digest, The Pawprint
Rivian automotives, (stock ticker RIVN), recently announced a deal to produce large electric vans with Mercedes. This news has caused a monumental 14.5% rise for Rivian from 32 to 38 U.S. dollars a share, seeing an influx of investors during an overall market dip this week. Mercedes also rose over 4% respectively (topping out at 15 U.S. dollars a share), virtually solidifying the deal. Investors are now hopeful for good quarterly earnings in the near future, which could send both stocks soaring once more.
The full market this week is reeling, as the DOW tumbles 1200 points, and other EV companies such as Tesla drop slightly from recent highs. Rivian claims to be the future of automotives, and its investors, in light of this new deal, believe so too.
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