Electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) is experiencing some growing pains. After more than doubling vehicle production in 2023, the company now says it doesn't expect any production growth in 2024. Rivian surprised investors with that news, and the stock took a major hit. Shares of the EV start-up were trading at an all-time low after its latest quarterly report.
There's one area where investors now need to focus to determine if Rivian can achieve its anticipated long-term growth.
Rivian's disappointing guidance for 2024 vehicle production showed the limited market for its luxury-priced EVs. The company touts the fact that it had the top-selling EV priced over $70,000 in 2023. While that indicates some early success, it isn't enough.
Source Fool.com