Is Rivian Stock a Buy?
Investors in the electric vehicle (EV) sector have been fans of Rivian Automotive (NASDAQ: RIVN) in recent months. The stock gained momentum as the company appeared to get past supply chain and other headwinds as it swiftly ramped up vehicle production.
The stock has rocketed more than 60% over the past three months. But that return would have been much higher had it not been for a more recent sell-off after the company released its second-quarter earnings report. A 15% pullback since the report probably has many trying to decide whether it's now a good time to buy shares in the upstart EV company.
After a series of missteps at the earliest stages of its production ramp, Rivian seems to be using a different tactic in communicating with investors and customers. After initiating production in late 2021, the company announced a major price increase in March 2022 that angered preorder holders. It wanted to increase prices by up to 20% to help cover rising raw material costs and other growing expenses. But it quickly backtracked after reservation holders reacted angrily.
Source Fool.com
