Shares of Rivian Automotive Inc.
RIVN,
slipped 0.3% in premarket trading Tuesday, which puts them in danger of extending its pullback to a fourth-straight session. The stock has lost 7.4% over the past three sessions, after closing July 12 at a seven-month high. On Monday, it took a 3.3% hit as Tesla Inc.’s
TSLA,
Cybertruck, the first of which rolled off the assembly line over the weekend, was seen as a competitive threat. Tesla’s stock eased 0.2% in Tuesday’s premarket, after closing Monday at a 10-month high. Rivian’s stock is still up 44.0% so far this month, which would be the biggest monthly gain since the company went public in November 2021. Meanwhile, Tesla shares are up 10.9% this month and the S&P 500
SPX,
has tacked on 1.6%.
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