Why Did Rivian Stock Drop Today?

Rivian Stock

Rivian stock (NASDAQ:RIVN) was up and down Thursday morning, gaining as high as 2.3% before falling 1.6%. Rivian shares were down 0.2% as of 12:22 p.m. ET. A reputable source’s appraisal of one of its R1T pickup vehicles may be what investors are focusing on today.

Rivian Stock: What’s the Deal?

Edmunds, an online automotive industry site, spent five months examining a Rivian R1T electric pickup truck over 5,000 miles, and it had some harsh words to say. To be sure, the workforce was first enthused by the 2023 model year electric vehicle. However, according to the assessment, “we’ve found a lot of difficulties that can’t be rectified with fresh code transmitted to our vehicle over the air.”

So, What Now?

Rivian recalled virtually all of its cars earlier this month, although it was not a component in the investigation. In reality, the trial car was repaired on-site by the firm, which took around five minutes. Rivian then outlined a series of probable concerns, but Edmunds only encountered one of them. These faults included a wire harness routing error, a loose suspension bolt, water gathering in rocker panels, and loose window moldings. Edmunds referred to them as small quality annoyances in general.

“The Rivian R1T hasn’t lost its charm among most of our team yet,” Edmunds said. However, it was critical of many of the difficulties that did surface, especially given that this is now a second model-year vehicle with many of those bugs ironed out.

Improvements to the vehicle will also be considered in the future. Rivian informed Edmunds that over-the-air upgrades had enhanced the R1T range. Edmunds intends to perform its range test to confirm this assertion.

Rivian Automotive stock (NASDAQ:RIVN) investors have previously been disappointed by the company’s output estimate, but this has been due to supply chain issues that have affected the whole sector. However, it seems that the evaluation this week isn’t helping increase investor trust in the start-up.

Featured Image-  Megapixl @ Michaelvi

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About the author: Okoro Chinedu is a freelance writer specializing in health and finance, with a keen interest in cryptocurrency and blockchain technology. He has worked in content creation and digital journalism. Since 2019, he has written on various online platforms, and his work has been recognized by several important media sources and specialists in finance and crypto. In addition to writing, Chinedu enjoys reading, playing football, posing as a medical student, and traveling.