Rivian Stock: Why Did It Rise by 66% in July then Fall by 17.8% in August?
Hey there, and welcome back to The Economic Report! Today, we're going to be talking about the electric vehicle manufacturer, Rivian. Now, you may have heard that Rivian's stock rose by 66% in July, but then fell by 17.8% in August. What's going on here? Well, let's take a closer look.
Despite the company increasing its full-year production guidance and receiving positive feedback from analysts, the market did not see a reason to increase the valuation of the EV stock. In early August, Rivian increased its 2023 production forecast by 2,000 units to a total of 52,000 units. Although this may seem like a small increase, it is significant when considering that Rivian produced less than 25,000 EVs in 2022. Low production has been a major obstacle to the company's growth, so any increase in the production outlook could signal a turnaround and should have ideally caused the stock to soar.
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