Why Rivian Stock Dropped Again Today
Rivian Automotive (NASDAQ: RIVN) shares continued a downward slide today. With a drop of 4.7% as of 12:15 p.m. ET, Rivian stock has plummeted over 35% in the last three months.
Today's drop comes after the company updated investors on its expansion plans, and that could be the problem.
Rivian provided investors with a progress update on its planned 400,000-vehicle annual capacity plant to be located about 40 minutes from Atlanta, Georgia. Rivian said site preparation is underway and nearly to the point where construction can begin. The company is on track to hold a groundbreaking ceremony in early 2024 after which building construction will start.
Source Fool.com
