Why Rivian Stock Was Sliding Today
Shares of Rivian (NASDAQ: RIVN) were falling again after the company reported first-quarter results that generally matched expectations, but the company continued to burn cash and lose money. It also maintained its modest production guidance for the year, showing it is still challenged by a broader slowdown in the electric vehicle (EV) industry. The sell-off seems to reflect an ongoing decline in investor confidence in both the EV sector and Rivian.
As a result, the stock was down 7.5% as of 9:52 a.m. ET.
Image source: Rivian.
Source Fool.com
