Rivian Automotive's stock has drastically fallen from its IPO price of $78 to around $14, reflecting a 90% drop over five years. The company has shown no significant progression in establishing itself in the electric vehicle (EV) sector. Analyst downgrades reflect rising concerns over Rivian's sales impacted by recent changes in EV tax credits. The company reported a steady revenue of $1.2 billion in the first quarter but faced a loss of $541 million. Rivian only managed to deliver 8,640 vehicles against an ambitious target of 46,000 to 51,000 for the year, amidst stiff competition in rising vehicle costs.
Rivian's stock has plummeted 90% since its IPO as the company struggles to establish itself in the competitive EV market, resulting in significant investor skepticism.
Despite Rivian's first quarter revenue holding steady at $1.2 billion, the company faced a loss of $541 million, raising concerns about its operational effectiveness.
Rivian only delivered 8,640 vehicles in the first quarter, falling short of its target for 46,000 to 51,000 deliveries for the year.
With a base price starting at $76,900 for the R1S SUV and $70,990 for the R1T pickup, Rivian’s vehicles do not align with the growing demand for affordable EV options.
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