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Is the latest announcement from upstart electric vehicle manufacturer Rivian Automotive (RIVN) enough to turn the tide for the embattled organization? For aggressive traders, the answer appears to be yes, with RIVN stock making some noise in the options market. At the same time, market participants will need to be quick on the trigger as broader economic concerns weigh heavily on EVs.
In addition, an ongoing price war in the underlying sector clouds the viability of most enterprises not named Tesla (TSLA). Indeed, while TSLA popped almost 79% higher since the beginning of this year, rival RIVN stock slipped nearly 13%. To be fair, both look ugly against a trailing-year basis. However, with Rivian needing to prove itself more so than Tesla, traders need to take this reality into account.
