RIVN Stock News: Rivian Automotive holds steady six weeks after its IPO

• NASDAQ:RIVN has basically traded flat now in the six weeks since its IPO.
• One of Amazon’s Rivian delivery truck prototypes is spotted on the roads.
• Tesla could be challenged by a Chinese EV maker, but it isn’t the one you think.

NASDAQ:RIVN has had an interesting first six weeks as a publicly traded company, as shareholders have learned the highs and lows of a highly anticipated IPO. Shares of Rivian have basically traded flat now after reaching highs of $179.47 and lows of $88.40. The stock is still down by about 4% since its Wall Street debut and further gains for the stock will likely require investors to see some actual revenues from delivering vehicles. Still, as Rivian makes strides towards increasing its production capacity with a second factory in Georgia, it seems to be on the right path towards turning into a legitimate competitor to existing EV makers in the market. 

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One aspect of Rivian’s business that investors remain bullish on is its partnership with Amazon (NASDAQ:AMZN). The eCommerce giant has an order of 100,000 electric delivery vans that will help with last mile delivery to customers. On Friday, one of the early prototypes for those vans was spotted charging in Woodhaven, Michigan. The brief video shows a massive truck that looks taller and longer than the delivery trucks utilized by other delivery companies like UPS and Fedex. It is unknown when the vans will be available for Amazon to begin using on a regular basis. 

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Industry leader Tesla (NASDAQ:TSLA) could be seeing more competition from a Chinese EV maker, and it’s not Nio (NYSE:NIO) or XPeng (NYSE:XPEV). Warren Buffett-backed BYD has led the Chinese market in vehicle deliveries this year and recently entered into agreements with both Toyota and Nio to produce new models for the mass market consumer. BYD has also expanded to Europe earlier this year, and could be a dark horse to disrupt Tesla’s position as the global leader in electric vehicles.