The S&P 500 index and the tech-laden Nasdaq both gave up gains as the morning progressed. Rivian automotive shares were tanking even when the market was in the green. Rivian shares dropped as much as 7% earlier. Time.
Since its IPO last fall, Rivian stock has had a lot of ups and downs. Rivian shares are down 40% so far in 2022, and are more than 20% below their IPO price.
According to recent filings, several billionaire investors, including George Soros, have used that drop as an opportunity to take a stake in Rivian. It may be related to opposition that is growing from the community where it plans to build its second manufacturing facility.
Rivian plans to build a second manufacturing plant in Georgia. According to the company, the project is worth $5 billion. The Atlanta Journal-Constitution reported that local elected officials won't be voting on re-zoning related to the project due to increasing local opposition.
The state of Georgia now has to continue the project. Hundreds of thousands of people are against the new plant. While the state will be able to push the project ahead more easily than the local government, any big facility like that needs a good relationship with the local community.
The company will hold community meetings this spring according to a Rivian spokesman. He said that it was important for the company to listen to local concerns and address them as best they could.
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