RIVN - Rivian Stock: Buy Sell or Hold
2024-06-28 04:08:00 ET
Rivian (NASDAQ: RIVN) won the attention of investors when it went public back in 2021 at a time when investors were giddy about electric-vehicle (EV) stocks and low interest rates made car buying more affordable than today. Fast forward a few years, and high interest rates have dampened EV demand. Many investors have fled EV stocks, and Rivian's share price has fallen 89% since its initial public offering (IPO).
Rivian is facing unique hurdles in the EV market, but I think it also has a significant opportunity. Here's the case for this EV-maker (and why I'm not selling my current position).
There are a handful of difficulties Rivian is facing right now including flatlined production, high costs, and a general slowdown in EV sales. While Americans are buying more EVs than they were over the past few years, the growth is slowing. In the first quarter of this year, EV sales were up just 2.6% year over year but down 15% sequentially, according to Cox Automotive data.
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Rivian Stock: Buy, Sell, or Hold