Is Rivian Stock a Millionaire Maker?
The future looked bright for electric vehicle (EV) makers such as Rivian Automotive (NASDAQ: RIVN) in 2021. After debuting on the public markets through a massive initial public offering (IPO) the stock had a market cap of over $100 billion even though the business wasn't generating any revenue. Since then, any shareholder in Rivian has experienced a lot of pain.
Shares of Rivian stock are down 92% from all-time highs set in 2021, severely underperforming the market indices over that span. Now, it has a market cap of just $16 billion but is still working diligently to expand its footprint in the premium EV space, build a vertically integrated hardware-software model, and is partnering with automotive peers like to get more investment capital.
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Source Fool.com
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