Why Rivian Stock Plunged Today
Yahoo Finance ·
Shares of Rivian Automotive ( RIVN 18.12% ) reversed course on Tuesday after the electric vehicle (EV) manufacturer announced a sizable capital raise. On Thursday, Rivian announced that it delivered 12,194 vehicles in the second quarter, handily exceeding its guidance of 9,000 to 11,000 deliveries. Strong sales of the company's pickup trucks and delivery vans contributed to the outperformance. The results prompted the automaker to boost its full-year deliveries goal to 65,000 to 70,000, up from a prior forecast of 62,000 to 67,000. Unsurprisingly, the news drove investors to bid up the EV maker's shares.
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