Why Rivian Stock Is Blasting Higher After a Weak First Half of 2023
When Rivian Automotive (NASDAQ: RIVN) stock plunged 81% in 2022, many believed it deserved better. After all, Rivian already had nearly 114,000 preorders for its all-electric R1T pickup trucks and R1S SUV combined and an order of 100,000 electric delivery vans (EDV) from e-commerce giant Amazon as of early November, and it believed it could double production to 50,000 units in 2023.
Unfortunately, the electric vehicle (EV) stock fell another 9.6% in the first half of 2023, according to data provided by S&P Global Market Intelligence, hugely underperforming the S&P 500 index's 15.9% gain during the period.
Rivian's shares, though, have done the unthinkable since -- they've rallied so much in July already that the stock is now up 40% so far this year, as of this writing.
Source Fool.com
