Rivian Automotive (NASDAQ: RIVN) stock has been all over the place in the last year -- as low as $11.68 per share and as high as $29.27 per share. However, Rivian currently finds itself closer to the lower end of that range and down over 5% year to date.

Rivian needs to slow down its cash burn, continue its production growth, and chart a path toward profitability. Here's the effect these improvements could have on the growth stock in 2024.

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Source Fool.com