Motley Fool
Why Rivian Stock Tumbled in December and Continues to Fall
After a stunning debut on the Nasdaq Stock Market on Nov. 10, 2021, that saw Rivian Automotive (NASDAQ: RIVN) leap past $100 billion in market capitalization within the first two trading days, the electric vehicle (EV) stock soon ran out of gas and ended the month of December down 13.4%, according to data provided by S&P Global Market Intelligence. Rivian’s first earnings report as a public company left much to be desired. Ford Motor Company, for example, which bought $500 million in the electric truck start-up in 2019 as part of a strategic partnership, decided to abandon plans to co-develop an electric truck with Rivian.
