Why Rivian Automotive Stock Hit a Pothole Today
Shares of rising electric truck manufacturer Rivian Automotive (NASDAQ: RIVN), which mostly kept pace with the market in 2023, are stumbling out of the gate in 2024. The stock skidded 10% on Jan. 2, the first trading day of the New Year, after Rivian reported a sequential slowdown in Q4 deliveries.
It's falling further on Wednesday -- down another 4.3% as of 12:45 p.m. ET -- in response to a halfhearted price-hike note from Goldman Sachs.
Rivian's update on 2023 production and deliveries, released yesterday, wasn't all bad news. The company produced 57,232 electric trucks and SUVs through the end of the year, beating its own forecast for 54,000 units by a substantial margin. The company also turned in a production number for Q4 (17,541) that was a respectable 7.5% above Q3 production levels.
Source Fool.com
