EV Automaker Rivian Sees Stocks Plummet After Bad Fourth Quarter

[Auto Styling News]

Rivian, the U.S. electric automaker that went public late last year, reported its fourth-quarter financial results and calendar 2021 outcome, results that along with its production forecast for 2022 disappointed Wall Street and sent shares to a new low, according to TechCrunch.

The company (trading as RIVN) are holding steady at just below $36 a share, after losing 12% of its value in after hours trading on Thursday. That followed losing 6% of its value Thursday during daily trading.

A worldwide computer chip shortage, lingering doubts about future energy supplies, and range anxiety are all creating a perfect storm that is causing EV adoption hesitancy in the electric car market, despite a great deal of hype from the auto industry itself.

That is having a serious effect on startups like Rivian and lesser known companies like Canoo (GOEV) an electric automaker that has also has seen its stock plummet in recent months (it stands at $5.76 a share, down 1.35% Thursday) despite a new factory having been constructed in Oklahoma and promises of their van-like Lifestyle vehicle being produced by the end of the fourth quarter of this year - the seemingly ambitious goal that is also being doubted among those watching Rivian.

Nevertheless, Rivian produced just over 900 vehicles by the end of 2021, despite the fact that this was not enough to turn a profit.
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Auto Styling News is a blog that covers car concepts, newly released models, and the auto industry.