Earlier in April, Ford reduced prices on some of its F-150 Lightning models by as much as $5,500 to increase sales of its electric vehicles (EVs). The move may be helping push Rivian's stock lower as the Lightning is one of the only direct-competitors to Rivian's electric trucks. Reports surfaced on Monday that Tesla will be laying off 10% of its workforce which could also be weighing on Rivian shares as the broader EV market stumbles.