Rivian’s Troubles Don’t End at a 93% Wipeout
- Valuation reflects rising angst about its ability to compete
- At least six analysts have cut price targets in April
A Rivian R1T electric vehicle (EV) pickup truck at the company's manufacturing facility in Normal, Illinois, US.
Photographer: Jamie Kelter Davis/BloombergThis article is for subscribers only.
The relentless erosion in Rivian Automotive Inc.’s share price is revealing an ugly truth: Investors have little faith left in the ability of the Amazon.com Inc.-backed company to compete in a crowded electric-vehicle market.
A market capitalization that exceeded $150 billion days after a blockbuster public trading debut in late 2021 now stands at less than $12 billion after a 93% stock wipeout, reflecting almost no value beyond the company’s cash hoard.