Why Rivian Shares Are Down Again Today
Rivian Automotive (NASDAQ: RIVN) keeps pushing forward to grow its business, but investors aren't buying right now. The electric vehicle (EV) start-up announced some new progress this week, but the stock has continued on a weeklong slide that has cut nearly 10% off its share price. Today, the stock had dropped 3% as of 2:18 p.m. ET.
The extended slide of Rivian shares comes as the macroeconomic backdrop appears to be creating what investors feel will be a more difficult environment for the company to build its business and eventually become profitable. Earlier this month Rivian CEO R.J. Scaringe published his first annual letter to shareholders. He reiterated that the company's nearly $17 billion in cash would carry it through its growth and investment goals through 2025. But with inflation concerns, rising interest rates, and anticipated global economic slowdowns, investors may be wondering what will come after that for Rivian.
Source Fool.com