Could Rivian Stock Help You Become a Millionaire?

Although investor sentiment may drive the price of a stock in the short term, prices eventually fall in line with the company's fundamentals. Investors' enthusiasm drove the price of Rivian's (NASDAQ: RIVN) stock exceptionally high soon after the company's initial public offering last November. However, electric vehicle (EV) stocks have corrected significantly this year.

Rivian's stock has fallen roughly 65% from its high of more than $172 in November. The stock's market capitalization has also fallen to around $52 billion. Let's discuss whether Rivian stock looks attractive after its recent fall.

After starting deliveries of its electric pickup truck R1T last September, Rivian delivered 920 vehicles by the end of 2021. That number isn't too far short of the company's target of 1,015 vehicle deliveries by the end of the year. It shows that Rivian can deliver in line with its plans. By the end of 2023, Rivian intends to deliver around 55,400 vehicles, which was its pre-order backlog in November. During the third-quarter earnings call in December, the company's management said it still intends to meet that target.

Source Fool.com