Day: November 11, 2021

Why Rivian Automotive Stock Zoomed Again Today

What happened

Shares of new initial public offering (IPO) electric car upstart, and purported Tesla-killer Rivian Automotive (NASDAQ:RIVN) tore up the track yesterday, racing out of the gate on IPO Day to score a 29% gain.

Do you think a gain of that size might have caught a few investors’ attention, and enticed them to try to join in the momentum trade? It did. Today as of 10:45 a.m. EST, Rivian stock is up another 10%.

Two smiling kids in a battery powered toy truck.

Image source: Getty Images.

So what

But seriously, that’s all that’s happening today. There is literally no new news to justify today’s rise in stock price. No news to explain why Rivian is now — as Barron’s puts it — “the most valuable U.S. auto maker after Tesla.”

Now what

With a market capitalization rapidly approaching $114 billion, Rivian stock is now more expensive than either General Motors ($89 billion) or Ford Motor

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Car companies will soon be required to install drunk driving technology

Congress is hoping to mandate car manufacturers to implement drunk and impaired driving prevention technology as part of President Biden’s infrastructure plan.

Every day about 28 people in the U.S. die of drunk driving accidents, according to the National Highway Traffic Safety Administration (NHTSA). In 2019, a little over 10,000 Americans died from drunk-driving crashes.

The estimated economic cost for alcohol-impaired driving in 2010 was $44 billion.

Congress is trying to change those fatal statistics by imploring car manufacturers along with NHTSA to implement new driver safety standards. The legislation outlines what it would like new technology to look like, including passively monitoring the performance of a driver to identify whether or not they may be impaired. 

It also suggests preventing or limiting cars from operating if an impairment is detected and enabling cars to detect a driver’s blood alcohol concentration.


America is changing faster than ever! Add Changing America

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