Is Rivian a Buy After Shares Plunged Today?

Investors in the electric vehicle (EV) sector have closely followed Rivian Automotive (NASDAQ: RIVN) since its initial public offering (IPO) last fall. Shares soared following its public debut, with investors valuing the company at more than $100 billion before it produced a single vehicle. 

Now, while Rivian is working to ramp up production, it is facing supply chain shortages that forced management to reduce its estimate for 2022 vehicle production. Shares plunged again today after The Wall Street Journal reported more dire warnings, from Rivian CEO RJ Scaringe, related to the supply chain. Now the stock is approaching its all-time low. With its market capitalization below $35 billion, is this a good time to buy?  

Rivian electric delivery vehicle (EDV). Image source: Rivian Automotive.

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Source Fool.com