With a $25.36 billion market cap, Rivian Automotive, Inc. (RIVN) designs, develops, manufactures, and sells electric vehicles (EVs) and accessories. The company provides five-passenger pickup trucks and sports utility vehicles. It offers a Rivian Commercial vehicle platform for electric delivery vans in collaboration with Amazon.com.
Amid the uncertain market conditions, investors are shunning fundamentally weak and overvalued stocks like RIVN. RIVN has plummeted 72.1% year-to-date to close the last trading session at $28.71. Moreover, the stock has slumped 29.3% over the past six months. It is currently trading 84% below its 52-week high of $179.47, which it hit on November 16, 2021.
