Toronto, Ontario — This week it’s all about the electric automakers as Tesla shares drop and Rivian sees a rise.
Up and down
Despite Tesla CEO Elon Musk’s recently-announced title of TIME Magazine’s 2021 Person of the Year, Tesla stock fell sharply on Monday.
Shares fell about 4.7 percent amid Monday’s trading. Analysts suspect the decline was the result of a “tough day” for the overall market, said Canadian marker reporter Motely Fool, in addition to a sharp drop in Bitcoin’s price.
Tesla owns about 42,000 Bitcoin, which equates to approximately CAD$2.5 billion.
Rise up, Rivian
In other electric automaker ticker news, Rivian’s R1T was named MotorTrend’s Truck of the Year, despite the fact deliveries began on the vehicle just mere months ago.
Shares of Rivian gained 1.7 percent following the announcement, and were trading at 119.24 at Monday’s close—up four percent from Friday’s close.