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Why Rivian Stock Plunged More Than 17% Today and Could Fall Further

TheMotleyFool

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Why Rivian Stock Plunged More Than 17% Today and Could Fall Further: https://g.foolcdn.com/editorial/images/722963/two-concerned-persons-looking-at-monitors-displaying-volatile-stock-price-charts.jpg

Rivian Automotive (NASDAQ: RIVN) stock plunged Wednesday morning and was trading down by a whopping 17.2% as of 12:54 p.m. ET.

The electric vehicle (EV) maker announced its fourth-quarter numbers and production guidance for 2023 Tuesday evening, and it turns out that the narrative remains similar to what it was last year: Rivian is burning through cash at a dizzying pace and fell short of production estimates yet again as supply chain bottlenecks lingered.

Investors are furious, and analysts are losing confidence in Rivian stock.

Source Fool.com

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