Excitement reached a fever pitch for electric vehicles (EVs) in 2021 when Rivian Automotive (NASDAQ: RIVN) hit the public markets. The EV start-up had a market cap of over $100 billion, even though it was barely starting to deliver products to customers. With a focus on upscale outdoor vehicles sold as better for the planet, many investors were betting this would be the next in the fast-growing EV sector.

Today, in 2024, expectations have come down quite a bit. Rivian's stock is down more than 90% from all-time highs to a market cap of $11 billion as the company posts heavy losses each quarter and slowing delivery growth. What's going on with Rivian stock, and should investors buy the dip at this discounted price?

Let's take a closer look and find out.

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Source Fool.com