How to Buy Rivian Stock in Canada

Stocks Jul 17, 2024 4 min read
How to Buy Rivian Stock in Canada

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Rivian is traded on the NASDAQ stock exchange in the US.

As a Canadian investor, you can buy this stock on Canadian trading platforms. However, it is worth monitoring the USD/CAD exchange rate to determine the currency impact of your investment decisions.

There are a few simple steps you can follow to add the American electric vehicle (EV) manufacturer to your stock portfolio from the comfort of your own home!

1. Select a suitable trading platform

The first step to buying Rivian shares requires you to make a decision on the trading platform you would like to use.

  • Ability to purchase Rivian stock in Canada
  • Low commissions
  • Aims to get you the best possible price
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2. Create an Account

Once you have selected the platform you would like to trade with, you have to open an account with that platform.

3. Select the company you want to invest into

Once you are familiar with your chosen brokerage’s interface, you will need to enter the stock ticker (NASDAQ:RIVN) or you may also be able to write out the full (Rivian Automotive Inc) or partial name (Rivian) of the stock.

4. Choose your order type and the number of shares you want to buy

At this stage, you will also need to select your order type.

5. Execute the trade

The last step is to execute the trade by pressing the ‘Buy’ button and once the transaction is complete, your order is said to be ‘filled’.

How Many Rivian Shares Should I Buy?

The number of shares you should buy is dependent on your own personal financial profile and portfolio size, investing strategy and risk tolerance. Your investment criteria may differ entirely from your neighbour’s, and there is no single right answer.

For example, you may already own shares of another EV company.

In this case, you should consider whether you want to add Rivian shares, replace the existing shares with Rivian stock or keep them as they are.

Similarly, if you are a passive investor, then you might want to find ETFs or mutual funds that hold Rivian stock rather than owning the stock yourself.

Another consideration is that auto stocks tend to be more cyclical and follow the general health of the economy.

As such, if you have a bullish view on the economy in the short- to medium-term, then you might want to buy more shares of the Rivian stock.

However, if you have a somewhat pessimistic view, then you may want to lower your exposure to Rivian or skip it entirely.

It is also important to do your research on Rivian to understand their strategy and operations.

Since the company is publicly traded, you can find a lot of good information in their most recent annual report or quarterly filings which contain comprehensive insight into the business’s history, recent financial results, growth plan, risks, and more.

You can check out Rivian’s Investor Relations page to find various filings, press releases, and presentations that will help you better understand the company.

This information can also help inform your decision on the number of shares you want to buy.

Rivian Company Overview

Rivian, an American automotive company, has garnered significant attention for its innovative approach to electric vehicles (EVs) and its commitment to sustainability.

Founded in 2009 by RJ Scaringe, Rivian aims to redefine the automotive industry by creating electric adventure vehicles that combine eco-friendliness with rugged performance.

At the forefront of Rivian’s lineup are the R1T electric pickup truck and the R1S electric SUV, both built on the company’s versatile “skateboard” platform.

These vehicles boast impressive specifications, including long-range capabilities, powerful acceleration, and off-road prowess, making them suitable for both urban commuting and outdoor adventures.

Rivian’s unique selling point lies in its focus on adventure and exploration, appealing to outdoor enthusiasts who seek sustainable transportation options without compromising on performance.

In addition to its consumer vehicles, Rivian has also ventured into the electric delivery van market, securing major contracts from companies like Amazon.

Backed by investments from prominent firms such as Amazon and Ford, Rivian has rapidly scaled its operations, including the establishment of manufacturing facilities in the US.

With its emphasis on innovation, sustainability, and adventure, Rivian is poised to play a significant role in shaping the future of the automotive industry.

Rivian Stock Performance

Rivian Stock Chart


 

Frequently Asked Questions

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Can I buy Rivian stock in Canada?

Yes, you can buy Rivian stock in Canada.

Can I buy Rivian stock on Wealthsimple?

Yes, you can buy Rivian shares on Wealthsimple.

Can I buy Rivian stock on Questrade?

Yes, you can buy Rivian shares on Questrade.

Can I buy Rivian stock on Interactive Brokers Canada?

Yes, you can buy Rivian shares on Interactive Brokers in Canada.

Contributors

Harshil Dhanky
AUTHOR

Harshil Dhanky

Harshil Dhanky is a financial services professional based out of Toronto, Ontario with extensive experience in the Canadian banking industry across Toronto, Calgary, and Vancouver in the capital markets, asset management, and lending sectors.

In the past, Harshil has worked with a range of consumer lending websites, personal finance advisors, investment managers, insurance companies, and other financial institutions to write and edit whitepapers, articles, blog posts, and other collateral read by consumer audiences to help them make better financial decisions.

His work spans a wide range of Canadian personal finance topics including savings and retirement programs, debt management tips, mortgages and personal loans, and other key financial issues for Canadian consumers at each stage of their life.

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