Rivian Stock Is Sliding Monday: What's Going On?

Rivian Automotive Inc (NASDAQ:RIVN) shares are backing up Monday morning. Ford Motor Co (NYSE:F) announced price cuts for its F-150 Lightning truck.

What Happened: Ford said Monday it was cutting prices on its F-150 Lightning due to increased plant capacity, continued work on scaling production and improving raw material costs for batteries.

Ford cut prices on its least expensive model by $9,979. Several other trim packages were cut between $8,479 and $9,479 and its most expensive platinum trim model was cut by just over $6,000. 

The price cuts appear to be a move by Ford to help spark increased demand for its flagship electric truck. In the first half of 2023, Rivian's R1T was the best-selling electric pickup in the U.S. Rivian stock is reacting negatively to the news. 

Rivian shares are up more than 65% over the last month. The rally accelerated at the beginning of July after the company reported second-quarter production and delivery numbers and said it believes it's still on track to meet its previously provided annual production guidance of 50,000 vehicles.

Rivian will report financial results for the second quarter after the market close on Aug. 8. The company is expected to turn in a loss of $1.41 per share on quarterly revenue of $939.31 million, according to estimates from Benzinga Pro.

See Also: As Tesla's First Cybertruck Rolls Out, Analyst Details How The EV Pickup Truck Could Be Priced Versus Rival Offerings From Ford, Rivian

RIVN Price Action: Rivian shares were down 4.16% at $23.79 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Rivian.