Why Rivian Stock Dropped Today
Rivian Automotive (NASDAQ: RIVN) released its first-ever annual letter to shareholders yesterday, and it gave investors more visibility into its growth plans. But the reaction wasn't overly positive, potentially because of some risks the company highlighted. Rivian shares dropped as much as 5.5% in early trading Tuesday, though they recouped some of that loss. As of 1:50 p.m. ET today, shares were down just 1.2%.
CEO RJ Scaringe has big plans for the company. In his shareholder letter, Scaringe boldly predicted "that Rivian can become one of the largest companies in the world, helping to drive the future of transportation." But he also highlighted several obstacles to that goal, and that seems to be where investors are focusing today.
Source Fool.com
