Stock Market Today, May 1: Rivian Falls After Investors Focus on Cash Burn Despite Beating Q1 Expectations
Rivian Automotive(NASDAQ:RIVN), which develops and sells electric pickup trucks and SUVs, closed Friday at $15.02, down 8.41%. The stock moved lower as investors reacted to Q1 results. The company updated R2 production and funding plans, but concerns continue about cash burn and EV demand. Investors will closely watch execution of the R2 ramp and Rivian’s autonomous driving initiatives.Trading volume reached 51.8 million shares, coming in about 78% above its three-month average of 29 million shares. Rivian Automotive IPO'd in 2021 and has fallen 85% since going public.How the markets moved...