The Rivian stock has been on the decline since mid-November and things seem to have gotten worse after US legislators failed to vote for a bill that would have given Rivian and other EV automakers the go-ahead to sell vehicles directly to consumers in Georgia where Rivian is eyeing to construct a mega chip factory.
It has been bad news after bad news for the American Automaker, which despite rising costs of materials is also facing stipe competition from the likes of Tesla and other established automakers like General Motors who are shifting towards electric vehicles.
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In a thinly veiled message to other EV producers like Rivian and Lucid which have received a beating this year, Elon Musk Twitted saying that ‘prototypes are easy, production is hard.’
To help stock traders and investors who want to invest in the Rivian stock especially now when it is down, Invezz has created a brief article on the best places to buy it.
To find out more, please continue reading.
What is RIVN stock?
RIVN stock is the stock of Rivian Automotive and it trades on NASDAQ under the symbol NASDAQ: RIVN.
Rivian Automotive is an American company that deals with electric vehicle production. It was founded in 2009.
Rivian rolled out its first all-electric pickup truck on September 14 entering the electric vehicles industry with a bang as it competes with the likes of Tesla and Lucid.
After conducting a monster IPO on Nov. 9, the company has gone ahead to become the third-largest automaker after Tesla and Toyota.
Rivian stock price prediction
While a majority of traders are forced to believe that there is no end in sight for the current Rivian stock price fall, analysts believe that the stock could be heading to an oversold region and is expected to rebound any time.
At the moment, all eyes are on a dip to $40 that analysts believe if broken downwards could see the stock drop further towards $35. But if it bounces back before then, the stock is expected to close the first quarter of 2022 above $50.
Best places where you can buy the RIVN Stock dip
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Conclusion
If you want to invest in a stock dip, then the current Rivian stock dip could be a good opportunity.
However, you should invest wisely since there are currently no concrete signals showing that the current bear market has come to an end or when it shall come to an end.
Rivian Company is currently dealing with a myriad of challenges ranging from high costs of materials, challenges in supply chains, and cancellation of orders by customers among others.
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