Among the EV stocks most in focus today, Rivian (NASDAQ:RIVN) is seeing some impressive volatility in afternoon trading. Despite opening higher this morning, RIVN stock has since swiftly given up its early morning gains, trading more than 3% lower as of this writing.

This move lower comes despite an intriguing announcement from the EV maker that it will be launching an apprenticeship program tied to its new Georgia manufacturing facility. This program is aimed at supporting “the development of trained staff at its future manufacturing plant in Stanton Springs North, Georgia.”

With increased attention on employee retention and satisfaction in the auto industry (given the pain the strikes at the Big 3 automakers caused), investors may rightly view such a move as a positive.

Let’s dive into what to make of this news, and why Rivian is trending lower today.

RIVN Stock Sinks, Despite Intriguing Announcement

In the world of EV production (or the production of any automobile, really), there are many factors investors have to price into their valuation models. Employee retention and the development of a skilled workforce are obviously key priorities for most companies, particularly those in growth mode. Thus, this announcement should be viewed as a positive for Rivian, especially when investors consider the labor-related issues many of its peers have had.

That said, this positive catalyst unfortunately comes alongside other rather bleak macroeconomic factors. Broadly speaking, the outlook for the EV market, and particularly EV manufacturers that focus on the higher-end of the consumer spectrum, has been deteriorating. Rising interest rates have led to financing costs which may simply price too many potential buyers out of the market for Rivian’s trucks and SUVs. And while these products look great and certainly have the potential to eat up market share over time, if the company’s consumer base can’t afford its vehicles, it’s going to be tough sledding from here.

Now, one might also argue that Rivian’s target customer isn’t likely to be greatly impacted by rising interest rates. Indeed, many may be cash buyers, meaning they have less price sensitivity.

But with longer-dated bond yields on the rise today, this is the overarching narrative that’s driving most EV stocks lower today. Thus, perhaps RIVN stock is worth a look on this positive news, despite the bearish macro backdrop.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.