Rivian Automotive, Inc. (RIVN) Isn’t A DeLorean, Says Jim Cramer

We recently published Jim Cramer Discusses These 10 Stocks & AI-Led Disinflation. Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the stocks Jim Cramer recently discussed.

Rivian Automotive, Inc. (NASDAQ:RIVN) is an electric vehicle company that works with electric cars and trucks. Its shares are flat year-to-date and have lost 21% since late May. The drop in May came after Rivian Automotive, Inc. (NASDAQ:RIVN)’s shares had gained 33% over the past couple of days. The shares jumped after a positive earnings report catalyzed bullish analyst commentary. Cramer commented on the firm’s cars and the Volkswagen investment in the context of Uber investing $300 million in Lucid:

“I think that you need a commitment, like the VW commitment to Rivian is extraordinary. And it still hasn’t, still Rivian is back to where it was [inaudible]. That’s an open ended check from one of the biggest, the biggest car company.

“I don’t know why they’re doing that, it was just, I mean it’s like, you know like I’m watching Rivian yesterday and Rivian was defenstrated. I don’t want these. I think that these are all. . .you don’t want to be in them. They don’t have balance sheets to be able to handle what it takes to be a car. Like look we were trying to buy a Rivian and my wife goes, I got a Rivian. I said look I, call me conservative, I know they have a lot of money in the bank but I look at what happens if things go wrong and no one will fix it, these are not DeLoreans.”

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

Previously, Cramer discussed Rivian Automotive, Inc. (NASDAQ:RIVN)’s cars:

“Okay, listen. Go test drive one. Don’t own the stock. I really don’t have that much more to say about it because I do think that they went through so much money that it is daunting. How about that? Daunting is a nice word. I’m looking at my research director and he knows when I say daunting, what I really mean is horrible.”

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