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Rivian Leads EV Slump After Investors Shun Money Losers

  • Stock has underperformed EV peers in this year’s selloff
  • Cash burn will be key metric in quarterly earnings Thursday
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Even a breakthrough US climate bill designed to encourage sales of electric cars has failed to revive investor interest in Rivian Automotive Inc., as the risk-hungry traders who catapulted its shares to dizzying heights last year shun companies for whom profitability is still years away.

In a year that has been tough for growth stocks of all colors and stripes -- especially EV companies trying to make room for themselves in a still-nascent industry while competing with century-old automakers -- Rivian’s misfortune still stands out. Among the sizable EV startups in the US, shares of the electric-truck maker have fared the worst this year by a mile, down 64% through Wednesday’s close.