Why Rivian Stock Crashed on Friday
Rivian (NASDAQ: RIVN) stock tanked by 7.6% on Friday. The electric truck start-up's latest regulatory filing revealed several challenges facing the company, including fresh ones arising from the Russia-Ukraine war that it hadn't mentioned before.
The EV maker filed its annual 10-K report with the Securities and Exchange Commission on Thursday, and while its numbers had already been out there for everyone to see since it released its fourth-quarter results on March 10, the risk factors this new document discussed provided more insight into what investors can expect from the company.
First, Russia's invasion of Ukraine has worsened an already-challenging supply situation for Rivian. The company said shortages of critical parts like semiconductors and other materials and equipment necessary for vehicle production have forced it to make changes to its internal processes that have only increased its expenses. As it is, prices of metals like nickel, lithium, cobalt, and aluminum -- all of which are used in the manufacture of EVs -- have shot through the roof.
Source Fool.com
