By CCN: Tesla stock endured another major blow on Wednesday after US auto giant Ford piled $500 million into electric truck manufacturer Rivian, which had already secured a major investment from Amazon. TSLA shares fell 1.94 percent on the day to $258.77 after sliding below technical support at $260. Ford stock (F), meanwhile, rose 0.21 percent to outperform the overall stock market. Ford Bets on...
Adam Jones, Global Auto Analyst at Morgan Stanley, warned that the production of an electric vehicle by either Tesla or Rivian could be bad news for traditional car makers in Detroit. Why? This wildly profitable segment of the vehicle industry is one that auto companies don’t mess around with. Amazon Plunks Down Major Cash to Invest in Tesla Competitor Rivian As CCN reported, Amazon led a...
Elon Musk and Tesla had better watch out because tech conglomerate Amazon just led a massive $700 million funding round in electric vehicle competitor Rivian. Amazon Leads Major Funding Round in EV Startup Rivian The Michigan-based Rivian has sought to carve out a segment of the burgeoning electric vehicle market by focusing its efforts on building pickup trucks and SUVs. Alongside Amazon, the...