Here's Why Rivian Stock Crashed in January
Many tech and growth stocks dropped in January, but the shares of electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) sank more than most. Rivian shares crashed 36.6% for the full month, according to data provided by S&P Global Market Intelligence.
The significant underperformance by Rivian shares came from more concrete reasons than just the market sentiment against growth and tech stocks in the early days of 2022. One of the more obvious drivers is the growing competition for both electric vehicles and EV stocks. Trucks from legacy automakers like General Motors, Ford Motor Company, and others will directly compete with Rivian's R1T and R1S pickup and SUV models.
Image source: Rivian Automotive.
Source Fool.com
