Mercedes tie-up turns sour, so does the stock
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Not sure there is a relation between the drop and the announcement. Rivian down 5.7%, Tesla down 6.2%, and Lucid down 4% so the the whole segment is off today.
They never actually had a deal with Mercedes, just an agreement to work on a deal. They probably could not come to terms. I view this as a positive, it should help Rivian focus more on the balls already in the air. They need to be focusing on getting the supply chains and build ramps higher to slow the cash burn rate. They also need to focus resources on the R2 plant as well, these are more critical short term items that will better position them for the future. Get through 2023 then start thinking about EU and other global regions.
I also see this as a positive. As a former Sprinter owner, I'll never own another Mercedes product again. I'd also like to know if Chrysler feels they came out of their merger/partnership/whatever with Mercedes feeling like it was a good thing for them.
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The stock should go up a bit next week after being added to the Nasdaq 100
www.bloomberg.com
Rivian, Warner Bros. Discovery to Be Added to Nasdaq 100
Rivian Automotive Inc. and Warner Bros. Discovery Inc. will be joining the Nasdaq 100 Index as part of its annual rebalancing, which adjusts the tech-heavy benchmark’s composition for changes in market capitalization.
www.bloomberg.com
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Gotta admit, this baffles me a bit. But not as much as finding out that Lucid is part of it too.
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