From 24/7 Wall St. · Douglas A. McIntyre · · 1m
Rivian Stock Plummets 25% in Three Months
Rivian's stock dropped 25% in three months as it struggles to compete with Tesla and meet production targets
In brief
Rivian's stock dropped 25% in three months as it struggles to compete with Tesla and meet production targets Rivian's stock price fell 25% in three months due to weak EV sales and competition with Tesla Originally reported by 24/7 Wall St..
Rivian Stock Plummets
Rivian's stock dropped from $20 to $15 in three months, losing over a quarter of its market cap
R2 Launch Strategy
Rivian launched the R2 at $58,000 but the base price is $44,990, creating confusion for buyers
Tesla Competition
Rivian's Autonomy+ technology lags behind Tesla's Full Self-Driving system in advanced driver assistance
Weak Sales Performance
Rivian delivered just over 12,000 vehicles in the latest quarter and lost $833 million
EV Market Decline
US EV sales dropped 20-25% year-over-year as gas prices remain high and tax credits expire
Q3 Figures to Come
Rivian's stock may trade sideways until Q3 financial results are released
What it means
Rivian's stock price fell 25% in three months due to weak EV sales and competition with Tesla
