When Rivian Automotive (NASDAQ: RIVN) went public in November 2021, many optimistic investors thought it could become the next (NASDAQ: TSLA). Rivian was already manufacturing thousands of electric vehicles, it was getting significant backing from Amazon and Ford Motor Company, and it was carving out a niche in electric pickup trucks and vans.

That's why Rivian's stock more than doubled from its IPO price of $78 to an all-time high of $172.01 a week later. But today, it trades at about $13. Its stock plunged as it missed its production targets and racked up steep losses, and Ford liquidated most of its shares in 2022. Amazon held on to its shares, but the bullish dreams of Rivian becoming the "next Tesla" quickly evaporated as the automaker struggled to ramp up its production.

Image source: Rivian.

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Source Fool.com