Stock Market Today, May 29: Rivian Automotive Jumps on R2 SUV Launch Confirmation
Rivian Automotive (NASDAQ:RIVN), an electric truck and SUV maker, closed Friday at $16.3, up 7.24%. The stock moved higher after confirmation of a June 9 R2 SUV launch, while traders are watching R2 deliveries and software growth momentum next.
Trading volume reached 56.6 million shares, about twice its three-month average of 28.4 million shares. Rivian Automotive IPO'd in 2021 and has fallen 84% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) added 0.23% to finish Friday at 7,581, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.20% to close at 26,973. Within electric vehicle manufacturing, industry peers Tesla (NASDAQ:TSLA) closed at $435.79 (-1.43%) and Lucid Group (NASDAQ:LCID) finished at $6.55 (+1.39%), underscoring Rivian’s stronger session.
What this means for investors
Rivian’s R2 rollout is highly anticipated by Rivian investors. The future of the stock, and possibly the company, depend on the new vehicle and its technology.
It is on track, though, with the company confirming to reservation holders that order invitations will go out and demo drives begin on June 9. The first model available will be the Performance trim, with an EPA-estimated range of 330 miles and all-wheel drive, with 21-inch wheels.
That model will start at about $58,000 and should be a money-maker for Rivian, considering the company says much of the production costs will be about half the R1. Lower-priced trims will follow with releases later this year and into 2027.
Rivian stock will likely move from here based on what the company says about those cost savings, along with how well-received the new vehicle is with customers.
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Howard Smith has positions in Lucid Group, Rivian Automotive, and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
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