Down 81%, Is Rivian Finally a Buy in 2024?

Rivian (NASDAQ: RIVN) has been a roller coaster since its initial public offering (IPO) in late 2021. Except it's only been one part of the roller coaster ride: the part where it sharply drops. Rivian has shed roughly 80% of its value since its IPO, but as the company heads into 2024 with some momentum, is the time finally right for investors to jump back in?

Let's be honest: Unless you're -- selling vehicles for roughly $400,000 a pop and making money off your racing brand and selling engines -- making money in the automotive industry isn't easy. That's especially true for young electric vehicle (EV) makers such as Rivian, when the high costs of batteries and new technology cause losses for each vehicle rolling off the production line.

All that said, Rivian has done an excellent job in 2023 of improving operations, and it has a number of factors in its favor heading into 2024, making it an intriguing opportunity for investors.

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Source Fool.com