Rivian Picks Up an EV Award From Edmunds. Its Stock Falls Anyway.
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The 2022 Rivian R1T.
Courtesy of Rivian
Automotive data provider Edmunds released its 2022 list of the top-rated cars, trucks, and SUVs Wednesday. Electric-vehicle maker
Rivian Automotive
picked up an award in a brand-new category.
“Every year, we test over 300 vehicles on road and track to deliver the definitive verdict,” said Alistair Weaver, editor in chief at Edmunds, in a news release. “Our winners aren’t just the best vehicles that happened to launch this year; they’re the best vehicles you can buy today.”
Rivian
‘s (ticker: RIVN) brand-new pickup truck, dubbed R1T, was named the first-ever Edmunds Editors’ Choice. “Were proud to debut an award to honor a vehicle that’s exceeded our expectations and delivered something genuinely new,” said an Edmunds presenter. The R1T is, essentially, the first all-electric pickup truck being delivered in the U.S. Edmunds praised the R1T’s range, power, and handling.
It’s another feather in the cap for Rivian. MotorTrend named the R1T its truck of the year earlier in December.
Rivian stock isn’t bouncing on the news, however. Shares are down 4.5%, at $111.86, in recent trading. The
S&P 500
and
Dow Jones Industrial Average
are both off 0.2%,.
Rivian wasn’t the only EV to pick up an Edmunds award. The
Tesla
(TSLA) Model 3 was named top rated EV for the third consecutive year. “Our three-time EV winner, the Model 3 still ranks above the rest thanks to its comfortable cabin, fun driving dynamics and Tesla’s excellent charging infrastructure,” according to Edmunds.
Tesla stock is off 1.7%, at $942, in Wednesday trading. Shares have dropped for three consecutive days. The
Nasdaq Composite,
home to many richly valued stocks, has slid for three straight days as well.
The Porsche Taycan Cross Turismo was named Edmunds top-rated luxury EV. “It feels like a proper Porsche…a thoroughly modern interior and unmatched agility among its EV peers,” added Edmunds.
Rivian didn’t win Edmunds best truck, however. That went to
Ford Motor
(F) and the F-150. Edmunds’ awards aren’t helping any stock yet.
Ford
stock is down 1.6%, at $19.73.
Write to Al Root at [email protected]