Why Rivian Stock Fell 14% in August After a Massive Rally
Rivian Automotive (NASDAQ: RIVN) stock gained a staggering 84% in the three months between May and July. That seemingly unstoppable rally ground to a halt last month, with the electric vehicle (EV) stock losing 13.9% of its value in August, according to data provided by S&P Global Market Intelligence. Rivian shares remain under pressure and are down another 4% this month, as of this writing.
What's going on with Rivian stock?
Rivian announced its second-quarter numbers in August, and they looked promising. Rivian's Q2 deliveries jumped 9% year over year to 13,790 units, generating roughly $1.2 billion in revenue. However, its production fell sharply, or by 31% year over year, to 9,612 vehicles. That drop in production shouldn't have come as a surprise, as Rivian had already announced a planned downtime in Q2 at its sole manufacturing plant in Illinois for a major retooling.
Source Fool.com
