Rivian Automotive initially soared to a stock price of $180 following its IPO in November 2021, which provided crucial funds amid significant operating expenses.
Despite early enthusiasm and backing from major firms like Amazon, Rivian's stock has plummeted 84.77% to about $11.88 as pandemic-related investing frenzies waned.
The company plans to cut material costs by 45% with its Gen 2 platform by 2026, targeting profitability by 2027 as it increases production capacity.
Recent stock fluctuations were influenced by a Morgan Stanley downgrade from 'overweight' to 'equal weight' and the Federal Reserve's first interest rate cut in four years, affecting investor confidence.
Collection
[
|
...
]