Rivian Stock Investors Need to Hear What Its CEO Just Said
Rivian (NASDAQ: RIVN) investors have had a rough go of it in the last year and a half.
The stock went public just as the was peaking in November 2021, and the timing was fortuitous for the unproved electric vehicle (EV) maker as it cashed in on a sky-high valuation, raising $12 billion. Following a brief pop in the stock, however, investors have been left holding the bag as shares are now down more than 90% from their earlier peak.
Investors who are hoping Rivian will be the next (NASDAQ: TSLA) got mixed results from the company's first-quarter earnings report. While Rivian maintained its production guidance for the year, calling for 50,000 vehicles to be produced, the company continued to burn cash at an incredible pace with a free-cash-flow loss of $1.8 billion.
Source Fool.com
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