Why Rivian Automotive Inc. (RIVN) Went Up Last Week?

We recently published a list of 10 Stocks Outperform Broader Market Last Week. In this article, we are going to take a look at where Rivian Automotive Inc. (NASDAQ:RIVN) stands against other stocks that outperformed broader market last week.

Wall Street’s main indices traded lower week-on-week as investor sentiment continued to be dragged by the ongoing trade tensions globally.

The tech-heavy Nasdaq was down by 2.59 percent versus its level on March 21. Meanwhile, the S&P 500 declined by 1.5 percent and the Dow Jones dropped by 0.956 percent.

Ten individual stocks, on the other hand, managed to stay stronger, three of which were particularly notable as funds flocking to gold assets spilled over into their stocks.

In this article, we listed last week’s 10 top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million trading volume.

A state-of-the-art electric vehicle charging at a station at a suburban mall.

Rivian Automotive Inc. (NASDAQ:RIVN)

Rivian shares rallied by 6.89 percent week-on-week to finish at $12.41 last Friday versus the $11.6 closing on March 21, as investor sentiment was largely fueled by optimism for its planned micromobility business expansion.

This came after RIVN announced late last week that it secured a $105 million funding for its newly spun-off business called Also Inc. which would focus on the development of its lightweight electric vehicle market.

In a statement, RIVN founder and CEO RJ Scaringe said that a range of vehicle types and form factors will be needed for the global adoption and transition to electrified transportation.

“I am extremely excited about the innovations developed by the Also team that will underpin a range of highly compelling micromobility products that will help define new categories,” he said.

Lightweight EVs aside, RIVN would continue to expand its core business with the launch of R2, a five-seater SUV designed for the adventurous market. It said it expects customer deliveries to begin in the first half of 2026.

Overall, RIVN ranks 10th on our list of stocks that outperformed broader market last week. While we acknowledge the potential of RIVN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as RIVN but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.