Rivian Updates Its Growth Plan: Why Investors Should Hit the Brakes
Investors had been focused on electric vehicle (EV) start-up Rivian Automotive (NASDAQ: RIVN) even prior to its public debut. The company raised an astounding $13.7 billion through its initial public offering last November, and the public markets bought in from there. The stock's market cap peaked at more than $150 billion just days after it started trading.
But in the months since, Rivian's market cap has fallen to roughly $26 billion. Investors have been eagerly awaiting updates on the company's long-term plans, and they got some this week in the company's first annual letter to shareholders. There are several takeaways worth looking at from the update -- and they should give investors at least some pause.
Source Fool.com
