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Why Rivian Stock Plunged Today

TheMotleyFool

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Electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) released first-quarter deliveries today, and the stock tanked. If you liked Rivian stock before today, though, you should like it even more now.

While Rivian's EV deliveries declined by 36% year over year, the number of units shipped (8,640) was in line with guidance and expectations. Investors punished the stock, though. Shares were lower by 5.6% as of 10:33 a.m. ET.

Rivian management had alerted investors to expect a drop in deliveries to start the year. Fires in California and general demand malaise for fully electric EVs were the main reasons. Yet there was good news hidden in today's report as well.

Source Fool.com

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