Why Rivian Plunged Almost 43% in the First Half of 2024
Soaring 50% in 2023, Rivian (NASDAQ: RIVN) investors were surely excited after they cleaned up the New Year's Eve decorations and rang in 2024.
But the past six months have largely been a letdown for the electric vehicle (EV) manufacturer's investors. Shares of Rivian plummeted 42.8% in the first six months of 2024, according to data provided by S&P Global Market Intelligence. The move is especially disheartening for Rivian investors in light of the fact that the S&P 500 had rocketed more than 14% higher during the same period.
It didn't take long into 2024 before investors to express their disapproval. In the first week of trading in the new year, shares of Rivian plunged 19% after the company reported fourth-quarter vehicle production numbers that failed to charge up investor excitement. In addition, a Goldman Sachs analyst expressed pessimism for the company's ability to maintain growth amid increased pressure from competitors.
Source Fool.com
