Why Rivian Stock Is Crashing This Week
Rivian Automotive (NASDAQ: RIVN) isn't giving its shareholders any respite -- the electric vehicle (EV) stock was down by 22.6% for the week as of 10:30 a.m. ET Friday, according to data provided by S&P Global Market Intelligence. At this point, Rivian has declined by a whopping 41% year to date.
Rivian has published only one press release so far this month, and it was a one-liner: All the company said was that it had produced 1,015 vehicles and delivered 920 as of the end of 2021. The company had previously forecast that it would produce 1,200 vehicles in 2021, but in December, management said that it would fall short of that target. Given that the market had already been warned, investors shouldn't have been surprised when Rivian announced the actual numbers. So why is the stock under so much pressure right now?
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Source Fool.com
