Rivian Automotive (RIVN 1.20%) dropped 5.1% Thursday to close at $13.70. Volume surged to 82.5 million shares, more than double its three-month average of 35.4 million, highlighting intense selling interest.
The broader market strengthened, with the S&P 500 (^GSPC 0.53%) up 0.8% and the Nasdaq Composite (^IXIC 0.52%) rising 1%, with gains reflecting positioning ahead of Friday's jobs report as traders expect softer labor data to increase the odds of Federal Reserve prime rate cuts.
Peers were mixed. Tesla (TSLA 2.58%) climbed 1.3% to $338.53, while Nio (NIO -1.39%) slid 3% to $6.13. Rivian's decline stood out despite a supportive macro backdrop, suggesting company- and sector-specific headwinds dominated trading.
Rivian's pullback reflects investor unease about tariffs as well as the scheduled Sept. 30 expiration of the federal $7,500 EV tax credit, which may cut demand once the incentive vanishes. This is compounded by broader signs of cooling EV demand and the company's cost-management layoffs.
Market data sourced from Google Finance and Yahoo! Finance on Thursday, Sept. 4, 2025.
