Feb 22, 2024 - Business

Charted: Rivian shares run off the road

Data: Yahoo Finance; Chart: Axios Visuals
Data: Yahoo Finance; Chart: Axios Visuals

Rivian's stock plunged to an all-time low today after the automaker slashed its outlook.

Why it matters: Rivian's fate is intertwined with EV demand, which is falling behind expectations.

State of play: Last night, the company said it expects to produce only 57,000 vehicles this year — about the same as 2023.

  • Flat is not good for a company that's supposed to be growing.

The impact: The company is cutting 10% of its salaried workforce.

  • "Unfortunately, there's little RIVN can do to improve its near-term financial performance absent stronger demand," CFRA Research analyst Garrett Nelson wrote today in a research note.

The bottom line: Rivian shares closed down more than 25% to $11.45 — a far cry from its all-time closing high of $172.01 in November 2021.

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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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