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Why Shares of Rivian Are Moving in Reverse Today

TheMotleyFool

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Why Shares of Rivian Are Moving in Reverse Today: https://g.foolcdn.com/editorial/images/726895/driver-waits-for-an-electric-vehicle-to-charge.jpg

The S&P 500 is off to a bearish start this week, and shares of EV manufacturer Rivian (NASDAQ: RIVN) are driving in a similar direction. The company announced first-quarter 2023 production figures this morning, and the update is doing little to charge up investors' enthusiasm.

As of 11:46 a.m. ET, shares of Rivian have fallen 3.5%, a recovery from their earlier slide of 5.5%.

With Q1 2023 in the rearview, Rivian reported that it produced 9,395 vehicles and delivered 7,946 vehicles during the period. Compared to Q1 2022, the recently completed quarter represents a 268% increase in the number of vehicles produced and a 548% increase in the number of vehicles delivered.

Source Fool.com

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