Why Rivian Stock Hit the Skids Today
Rivian Automotive (NASDAQ: RIVN) stock is sinking lower and lower. As of 1 p.m. ET Friday, the electric vehicle (EV) company's shares were down by 7.5% as the market reacted poorly to its key numbers and outlook for 2022.
Rivian shocked investors, analysts, and would-be customers alike earlier this month when it abruptly increased the prices for its EVs by up to 20%, including for pre-booked sales. This meant that people who'd already put down their $1,000 deposits for EVs at specific list prices were told they'd have to pay more. That retrospective aspect, of course, didn't sit well with customers. The backlash it triggered on social media sent the stock tumbling.
It took just two days for Rivian to reverse its decision to hike prices for vehicles booked before March 1, but investors were still eager to hear what the company had to say about the move on its fourth-quarter earnings conference call Thursday.
Source Fool.com
