RIVN and NIO are moving in opposite directions amid the latest news
Rivian Automotive Inc (NASDAQ:RIVN) is surging today, up 6.4% at $12.87 at last check, after surprising news that the company is spinning off its micromobility business into a startup company called Also. CEO RJ Scaringe said the first "small, lightweight" vehicle designs will be revealed at an event later this year, and though the specifics are purposefully unclear, its safe to assume he means vehicles like e-bikes and scooters.
On the charts, RIVN is headed for its eighth win in 10 sessions, now trading at its highest level since mid-February. The stock is down 3% since the start of 2025, but is still hanging on to a 16% year-over-year gain.
China-based electric vehicle (EV) stock Nio Inc (NYSE:NIO) was last seen down 4.9% at $4.01, after the company announced an offering of 118.8 million shares (5.4% of its total outstanding shares). The proceeds will be used for "research and development of smart EV technologies and new products, further strengthening balance sheet as well as general corporate purposes.”
The stock was earlier as low as $3.88, dropping below long-term support at $4, though we'll see if that trendline holds up on a closing basis. Hitting its lowest levels since late August, the shares are down 8% year to date.