Rivian Automotive (NASDAQ:RIVN) is up 5.68% to $106.45 to trade just slightly below where it made its splashy debut yesterday. Shares of RIVN ranged from $95.20 to $119.44 on volume of over 50M shares during the first day of trading. The market cap is still over $90B at its current share price.
Looking ahead, Rivian (RIVN) plans to enter the pickup market with its R1T model, which is aimed at drivers who like off-roading and places it in competition with General Motors (NYSE:GM) and Ford (NYSE:F). "It will be challenging for Rivian to compete with the bigger, cheaper Ford F-150 Lightning when it becomes available, and the competition in the space will grow even fiercer as GM is also expected to unveil its all-electric Silverado at CES next year," warns Edmunds analyst Jessica Caldwell.
Rivian Automotive (RIVN) also faces some of the same industry pressures that set back the original production timelines for Nikola (NASDAQ:NKLA), Arrival (NASDAQ:ARVL) and Lordstown Motors (NASDAQ:RIDE) original production timelines