4 Green Flags for Rivian Automotive's Future
Rivian Automotive (NASDAQ: RIVN) has disappointed a lot of investors since its IPO in November 2021. The electric vehicle maker went public at $78 and its stock soared to its all-time high of $172.01 that same month, but it now trades for about $15 a share.
Rivian initially attracted a lot of attention because it was backed by Amazon and Ford Motor, and it aimed to produce 50,000 vehicles in 2022. Unfortunately, tough supply chain headwinds caused it to only produce 24,337 vehicles during the year. Its production target for 50,000 vehicles in 2023 has also fallen short of the consensus forecast for at least 62,000 vehicles -- and it quietly stopped updating its total R1 pre-orders in the fourth quarter of 2022.
Image source: Rivian.
Source Fool.com
