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In a recent episode of “Mad Money,” Jim Cramer expressed his preference for the vehicle produced by Tesla Inc’s rival Rivian Automotive Inc. (NASDAQ:RIVN) over the company’s stock.
What Happened: Cramer, on Wednesday during CNBC‘s Lightning Round, commended Rivian’s team but indicated that he would rather buy the car than the company’s shares.
"I think it's a well-run company. I'd rather buy the car than the stock,” Cramer said.
Why It Matters: On Tuesday, Rivian and Tesla shares closed the regular trading session lower. The volatility in EV stocks was due to concerns about interest rates and the upcoming Federal Reserve Open Market Committee (FOMC) meeting. Higher interest rates could increase borrowing costs for companies like Rivian, affecting their profitability and future growth prospects.
Meanwhile, Rivian vehicles have become compatible with the Tesla supercharger network. This development could potentially enhance the appeal of Rivian’s vehicles. This came after in June last year, Rivian announced its decision to align with Tesla's North America charging protocol, aiming to enhance customer access and stimulate EV growth. The move was expected to provide Rivian customers with access to 12,000 Tesla Superchargers in the United States and Canada by spring 2024.
In a separate development, the California-based EV maker said on Tuesday that existing Rivian customers will receive priority delivery of its second-generation EV in 2026.
Photo via Shutterstock
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