Is This the End for Rivian Trucks?

Yesterday, Rivian faced a rough patch and saw its market worth drop by $117 billion. 

It lost over $5 billion in 2021 alone, which corresponds to the anticipated cost of the plant being built in Atlanta, Georgia. 

It stated that it anticipates producing far fewer trucks this year than anticipated. 

Although it is capable of producing 50,000 vehicles annually, it may only manage 25,000. Are we seeing Rivian's gradual demise?

Investors are withdrawing their funds as the company's price keeps falling, today reaching a record low. 

According to Yahoo Finance, the EV truck manufacturer had a $100 billion market value when it first went public in November.

This has been its financial story in a nutshell, but more bad news came just before this when customers revolted. 

Rivian’s bad news this week bookends its bad news last week

The unfortunate news last week was that Rivian will have to increase the cost of its vehicles, with some experiencing a $20,000 rise. 

This would apply to buyers on a reserve list, some of whom had been on it for years. 

Many others who had reservations responded by ripping them up and demanding their money returned.