Rivian Automotive's stock performance in 2024 has been disappointing, with a 55% drop impacting investor confidence and raising concerns about its survival as a public company.
Despite an initial market cap of $86 billion, Rivian faces acute supply chain issues, resulted in significantly lowered production and delivery numbers, reflecting an ongoing struggle for profitability.
In the third quarter, Rivian's revenue plummeted from $1.34 billion to $874 million year-over-year, alongside a net loss of $1.10 billion, weakening its market position.
The electric vehicle market has not met growth expectations in 2024, leading to a drop in demand as consumers seem hesitant to switch from gasoline-powered vehicles.
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