Why Rivian Stock Tanked Today
Shares of EV start-up Rivian Automotive (NASDAQ: RIVN) took a hit immediately after the company released its fourth-quarter and full-year 2021 financial update on March 10. Investors particularly didn't like the operational update and 2022 production guidance. The stock recovered some in the ensuing weeks, but a recent Securities and Exchange Commission (SEC) filing has investors spooked once again. That helped cause a decline of 8.6% in Rivian shares today, as of 1:50 p.m. ET.
In its quarterly report, Rivian said several factors led it to reduce its production volume guidance for 2022. Though the company said it has the capacity to manufacture 50,000 vehicles, it said it only anticipated 25,000 will be produced this year.
Image source: Rivian Automotive.
Source Fool.com
