2024-07-07 09:00:00 ET
Rivian Automotive (NASDAQ: RIVN) has been a tough stock to own since its initial public offering (IPO). The electric vehicle (EV) maker went public at $78 per share on Nov. 10, 2021, and set a record high of $172.01 less than a week later, but currently trades at about $15.
Rivian initially impressed investors because it was already producing thousands of vehicles and was backed by Amazon and Ford Motor Company . Unfortunately, its stock crumbled as it missed it own production targets, racked up steep losses, and lost Ford as a leading investor. Rising interest rates also popped its bubbly valuation.
Image source: Rivian.
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Rivian Just Made a Game-Changing Move. Here's What You Need to Know