RIVN Stock News: Rivian shares dip as company teases major announcement

NASDAQ:RIVN had an anticlimactic end to a positive week as the stock won the praises of Wall Street analysts across the board. Shares of RIVN fell flat on Friday and closed the trading day at $114.66 after dipping by 0.64%. It was another mixed session as growth stocks took a beating in the morning but managed a mini rally into the closing bell. All three major indices finished the final trading day of the week in the green, as the S&P 500 capped off its best overall week since March of this year. 

Stay up to speed with hot stocks' news!

The major announcement that Rivian has teased for next week seems to be that the company is establishing a new state of the art production facility in the state of Georgia. Rivian has been on the lookout for a second location in America with its first one located in Illinois. This new facility is anticipated to produce over 200,000 vehicles per year as the company undertakes to rapidly scale up its production levels. There is also a rumor that Rivian is eyeing a location in Europe for its third facility, which would likely lead to an expansion into the continent sooner rather than later. 

Rivian stock forecast

Tesla (NASDAQ:TSLA) investors were a little on edge again this week as CEO Elon Musk sold another $1 billion in shares, bringing his total selling spree up to $12 billion worth of stock. Musk also tweeted that he has been thinking of stepping down from his position to become a content creator instead. The tweet was likely sent with a tongue in cheek tone, but it isn’t the first time Musk has talked about vacating the corner office. Shares of Tesla were up 1.32% during Friday’s session.