Electric Dreams... or reality?

FXOpen

The electric car revolution has been somewhat sudden, and it's now impossible to go anywhere without seeing many electric vehicles parked on the streets of major cities across Europe, North America and South East Asia.

Tesla, having come out of Silicon Valley rather than Detroit, suddenly disrupted an established industry with over 100 years of steadfastly sticking to the internal combustion engine. Until recently, cars and trucks were effectively evolved versions of the original motor car which was invented in 1886 by Karl Benz.

They were modern in every way, with the very latest technology, driver aids and infotainment systems, lots of power and refinement, but the method of propulsion was almost 140 years old.

Suddenly, almost all of the traditional, established motor manufacturers are focusing on electric motors rather than internal combustion, and this has given rise to some new companies which are entering the motor industry as pure electric vehicle makers from the outset.

One is Rivian, an American manufacturer of electric pick-up trucks, which is a relatively new company having been established in 2009, and is listed on the NASDAQ exchange. Rivian's listing took place only last year, and was brought to fruition by the sudden upturn in interest for electric vehicles. You could say that Rivian was 'on trend' at the time.

It's been a volatile ride though, and throughout the Spring of 2022, Rivian stock has been down compared to its remarkable performance at the end of last year, however things are changing.

Rivian stock closed at almost $32 per share on Friday at the end of the New York session, representing its highest point in a month by a very long way.

The highest point for Rivian stock this month appeared on Friday at around 10.00am New York time, when it reached $32.98.

Although Rivian stock is down compared to the highs of March this year when it reached $82, it had collapsed in value for the ensuing fuew months until now.

Whilst a rise to $32 is still some way off its high values just a few months ago, it does show that an upward direction has begun, an interesting dynamic considering that collapsed share prices in a recently-listed modern tech firm are sometimes offputting enough for long periods in the doldrums to prevail.

It may just be a media-driven blip, however, as on Friday, Tim Cook, CEO of Apple, was photographed by the media taking a ride in a Rivian R1T truck in Sun Valley, California.

Media exposure, especially when it connects a top CEO of a top big tech firm appearing to choose the Rivian as a method of transport on one particular day, may be enough to raise the attention of investors and traders.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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