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Rivian Stalls after Wild Ride. What Will Be the Future of Electric Vehicles?
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November 17, 2021
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9:57Now PlayingThe breathless five-day rally in Rivian Automotive Inc. came to an abrupt halt on Wednesday, wiping out over $28 billion from the newly public electric-truck maker’s valuation.
Shares of the startup, which made its trading debut last week and saw its stock skyrocket over five days, dropped as much as 18% to $140.35 in New York. That took out a chunk roughly equivalent to the combined size of American Airlines Group Inc. and News Corp.’s current market capitalizations.
Despite those declines, Rivian is still worth about $126 billion. It did, however, lose the lead over Volkswagen AG that it gained on Tuesday. The rapid rally in Rivian comes amid a growing demand among investors for EV-related stocks, as governments and corporations globally announce policies and plans to address the challenges related to climate change. The rise of retail trading trends and a cash-rich environment have added further fuel to the rally.
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