1 No-Brainer Electric Vehicle (EV) Stock to Buy With $500 Right Now

This year, the valuations of many electric car stocks slumped. One that struggled mightily at times was Rivian (NASDAQ: RIVN). At the start of 2024, shares were priced above $20. Last month, they fell below the $10 mark.Then something extraordinary happened. In recent weeks, Rivian shares have surged by more than 40%. It seems as if market sentiment for this struggling EV stock has finally turned around. But if you think the upside potential has already been realized, think again. This is a business that could grow significantly in the years to come, and there's one event in particular that should have growth investors excited.Even after the recent run-up, Rivian's share price is still more than 40% below where it began this year. The downtrend is nothing new for the EV maker. Since its IPO in 2021, its shares have lost more than 80% of their value. When it first went public, the company had a market cap of roughly $100 billion. Today, its market cap has shrunk to just $14 billion. For comparison, leading EV maker Tesla is valued at nearly $1.3 trillion.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool