Start-up electric vehicle (EV) maker Rivian Automotive’s stock plummeted to fresh lows Monday as investors abandon the company once thought to be the “next Tesla.”
Rivian’s stock price fell 18.72% to $23.40 per share on Monday, a whopping 87% decline from its November peak of $179.47 a share, according to market data. The company reported a net loss of $2.5 billion in the final three months of 2021 and said in March that it would produce 25,000 vehicles in 2022, half of the number it originally projected.
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