The S 500 and Nasdaq Composite have held up well so far in 2024, but one stock that hasn't been such a great investment is Rivian Automotive (NASDAQ: RIVN). Shares of the electric carmaker are down nearly 45% in 2024. At just $13 per share, Rivian stock is dangerously close to all-time lows.

Could this be an opportunity to buy the dip, or are investors best off avoiding a potential falling knife?

Back in June, Rivian announced the formation of a joint venture with . Per the agreement, Volkswagen plans to invest up to $5 billion in Rivian. Working with a much larger automobile manufacturer can help Rivian in several ways. First, it opens Rivian up to new geographic markets. Moreover, Rivian can leverage Volkswagen's supplier network to help find more efficient ways to develop its costly EVs.

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Source Fool.com