Is This EV Stock a Bargain on the Dip?
Rivian Automotive (NASDAQ: RIVN) stock has bounced off a recent low, but the electric vehicle (EV) maker's shares are still down by more than 45% this year. That's because investors see several signs that EV demand has slowed. The big blow to Rivian stock came after the company released its outlook for 2024.
Management said it plans to produce just 57,000 EVs, or about the same number of units it made in 2023. That's not what investors wanted to hear from what they considered a growth investment. But two weeks after that announcement, Rivian shocked the market with several news items, including a new plan that would save it more than $2 billion. Now investors want to know if Rivian stock is a bargain after its decline.
Source Fool.com
