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Rivian Automotive Inc. (NASDAQ:RIVN) shares are trading higher on Monday. Canadian Prime Minister Justin Trudeau announced on Monday that Canada will join the U.S. and European Union to impose tariffs on importing Chinese electric vehicles.
The Details:
The Prime Minister said that beginning on October 1, Canada will impose a 100% tariff on Chinese-made EVs to curb a flood of cheaper imported EVs resulting from what he called China’s intentional, state-directed policy of over-capacity.
“I think we all know that China is not playing by the same rules,” Trudeau told reporters Monday. “What is important about this is we’re doing it in alignment and in parallel with other economies around the world.”
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What Else:
Over the weekend, Rivian experienced a fire at its manufacturing plant in Normal, Illinois. A company spokesperson told Benzinga in a statement that it is investigating the cause of the fire, which damaged a number of the vehicles in a parking lot, but the plant itself is unaffected.
The company spokesperson did not specify the amount of vehicles damaged by the incident.
Wall Street analysts view Rivian Automotive on the whole as a Outperform, given the history of coverage over the past three months. Colin Langan from Wells Fargo in Rivian Automotive is the most optimistic, expecting a 80% rise in the stock in the coming year.
But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Rivian Automotive rose 41.44%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 3.3% over the past year.
A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.
RIVN Price Action: According to Benzinga Pro, Rivian Automotive shares are up 2.58% at $14.32 at the time of publication Monday.
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Image: Courtesy of Rivian Automotive, Inc.
Posted In: RIVN
