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Adam Eckert

YOU WONT BELIEVE: Why rivian shares are falling today | Mind Blowing Facts

Rivian Rivian Automotive Inc RIVN

Rivian Automotive Inc (NASDAQ:RIVN) is trading lower Wednesday after the company on Tuesday announced it's raising the prices of its vehicles by about 20%.

According to a Reuters report, the price increases come as a result of inflationary pressures and higher component costs. The Amazon.com Inc (NASDAQ:AMZN)-backed EV startup increased the starting price of its R1T electric pickup trucks by about 17% and its R1S electric SUVs by about 20%.

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