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Riddhima Chakraborty

FOUND: Is rivian stock a bargain for under 20 | Mind Blowing Facts

RIVN Rivian Rivian Automotive Inc

Auto stock Rivian Automotive, Inc. (RIVN) missed its vehicle production target for 2022. It produced 24,337 vehicles, down 2.7% from its established target of 25,000. Moreover, the company revoked its plan to make electric vans in Europe with Mercedes-Benz only three months post-agreement.

In addition, RIVN’s CEO RJ Scaringe recently declared the company’s decision to lay off 6% of its workforce to conserve cash. Amid this rough patch, RIVN has lost 71.7% over the past year to close the last trading session at $19.71. It has lost 43.4% over the past three months. However, the stock has gained 7% over the past month.

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