Electric cars

Rivian Stock Alert: Tesla Rival asks for patience

Rivian Stock Alert: Tesla Rival asks for patience

The first quarter was brutal for Rivian (BANK) – Get the Class A report from Rivian Automotive, Inc..

The stock took a beating on Wall Street after the company failed to deliver on its vehicle delivery promises. Its difficulties in managing production ramp-ups due to parts shortages at its suppliers only made matters worse and cast doubt on its future.

To this was added a public relations problem arose of its decision to increase the prices of its R1T pickup trucks and its R1S SUVs without notice and then to reverse this decision in the face of the anger of its customers. The episode left traces both for its image and for its finances.