RIVN - Why Rivian Stock Tumbled 19% in April
2024-05-07 06:19:26 ET
Shares of electric-vehicle (EV) maker Rivian (NASDAQ: RIVN) were falling again last month as pressure continued to build on the EV sector.
A combination of further price cuts from other EV manufacturers, falling expectations that the Federal Reserve would cut interest rates, and weak deliveries and financial results from industry leader Tesla all weighed on the stock. The company also announced another round of layoffs as it cuts costs with growth slowing.
According to data from S&P Global Market Intelligence , the stock finished the month down 19%. Those losses came primarily in the first half of the month.
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Why Rivian Stock Tumbled 19% in April