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Investor's Corner

Rivian stock hits all time low after announcing corporate bond

Credit: Rivian

Rivian stock hit an all-time low at closing yesterday but has shown signs of recovery since then.

Rivian (NASDAQ: RIVN) stock has not had an easy run of it since its IPO in 2021. Since then, the stock offering has plunged by just over 85%, hitting its all-time closing low yesterday at just over $14 per share, a substantial decline from its $78 IPO price. However, since hitting that low, the stock price has started recovering slightly.

Rivian’s stock has taken two particularly significant hits over the past month. First, Rivian reported a less-than-stellar earnings report for 2022. Still, the second, perhaps more significant hit was Rivian’s announcement of a new corporate bond that would help it develop and produce its second generation of trucks.

This isn’t to say that Rivian investors have no reason to be optimistic. Rivian is still set to achieve a production record this year, aiming to slightly more than double its output from 2022 by producing 50,000 trucks. Further, the automaker states that it is still on track to achieve profitability by the end of 2024, and it has a massive $12 billion in cash to cover expenses until then.

Rivian CEO RJ Scaringe has not commented on the stock’s movement, though he had plenty of optimistic messages during the 2022 earnings call earlier this quarter. One of the most critical milestones he outlined was the beginning of dual motor drive unit production, allowing Rivian to deliver more vehicles and variants than ever before.

The recent reaction from Rivian customers and reservation holders has been more complex. While an increasing number of customers are receiving their vehicles by the day, many reservation holders have yet to receive them after years of holding a reservation. One owner recently received his long-awaited R1S after waiting over four years.

It’s clear that Rivian still has a substantial hill to climb this year regarding meeting customer demand and keeping investors assured that progress is being made quickly. But for many investors and institutional holders, this year could define whether they hold their position or continue to exit.

William is not invested in Rivian stock or bonds.

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Rivian stock hits all time low after announcing corporate bond
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