Could Buying Rivian Stock Today Set You Up for Life?

At a time when many automakers are pulling back from electric vehicles (EVs), Rivian Automotive (NASDAQ: RIVN) is embracing its branding as an EV-only company. It just broke ground on a new factory in Georgia, with plans to bring out cheaper models of its beloved cars within the next few years. Despite the ending of the U.S. government tax credit for EV purchases, Rivian believes the future of cars is still electric.Rivian stock has recovered on this new plan, but is still at a price of around $15 compared to its debut of over $100 after its initial public offering (IPO). With its major expansion plan, could buying Rivian stock today set you up for life?Starting an automaker from scratch is difficult, but Rivian has gone from concept to production with the help of large investors such as Amazon (which is also a customer of its EV delivery vans). Back in 2022, the company started delivering its EV commercial vans as well as its R1 SUV and truck models to customers. So far, customers seem to love these vehicles, giving them rave reviews.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool