Rivian Automotive (NASDAQ: RIVN) was frequently compared to Tesla (NASDAQ: TSLA) when it went public last November. The electric vehicle maker was backed by Amazon and Ford Motor Company , which seemed to give it much brighter prospects than many of its industry peers.
But today, Rivian's stock trades nearly 60% below its IPO price. The market's enthusiasm for Rivian waned as it struggled with production delays, supply chain disruptions, and widening losses. Rising interest rates exacerbated that pain.
Image source: Rivian.
For further details see:
Will Rivian Automotive Be Worth More Than Tesla by 2030?