The stock of Rivian Automotive (NASDAQ: RIVN) has soared 30% in the past month, but shares are still off 87% from all-time highs. The fast-growing electric vehicle (EV) start-up has gone through a brutal drawdown since its initial public offering in late 2021, with investors concerned about a lack of profitability and a crowded EV sector.

A look under the hood (financially speaking) shows that Rivian continues to scale its operations and is getting closer to breakeven. With shares down in the dumps, does that mean Rivian stock is set to make a comeback in 2024? Let's investigate.

Rivian has attacked the EV sector from a different angle than leader . It is starting out by producing larger vehicles such as pick-up trucks, SUVs, and commercial vans.

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Source Fool.com