Rivian Just Made a Game-Changing Move. Here's What You Need to Know
Rivian Automotive (NASDAQ: RIVN) has been a tough stock to own since its initial public offering (IPO). The electric vehicle (EV) maker went public at $78 per share on Nov. 10, 2021, and set a record high of $172.01 less than a week later, but currently trades at about $15.
Rivian initially impressed investors because it was already producing thousands of vehicles and was backed by Amazon and Ford Motor Company. Unfortunately, its stock crumbled as it missed it own production targets, racked up steep losses, and lost Ford as a leading investor. Rising interest rates also popped its bubbly valuation.
Image source: Rivian.
Source Fool.com
