Rivian Stock Is Down 60% From Its Highs. Is the Electric Vehicle Maker a Buy Now?

In the days following its initial public offering (IPO) in November, shares of Rivian (NASDAQ: RIVN) rocketed 130% from its IPO price of $78. Investors were excited about the EV start-up's impressive designs for its battery-powered pickup trucks, sport utility vehicles, and commercial vans.

Having the backing of Amazon.com (NASDAQ: AMZN) certainly didn't hurt either. The e-commerce titan owns a roughly 20% stake in Rivian and has already placed an order for 100,000 of its vehicles.

Since its post-IPO surge, however, Rivian's stock price has plunged. Earlier this month, Amazon struck a deal with Stellantis (NYSE: STLA) to be the auto giant's first commercial customer for its new Ram ProMaster electric vehicle, which is slated to launch in 2023. The news made investors realize that Amazon is likely to order EVs from multiple manufacturers as it seeks to build out its massive delivery fleet.

Source Fool.com