RJ Scaringe and team on opening day at Rivian’s manufacturing campus in Normal, IL.
Source: Rivian
It’s been five years since Rivian Automotive celebrated its initial public offering with CEO and founder RJ Scaringe ringing the Nasdaq opening bell from the company’s factory in Normal, Illinois, while the company’s sleek vehicles sat outside the stock exchange in Times Square.
It was a euphoric time for all-electric vehicle companies that has since diminished. And much like the EV hype, Rivian’s stock price is down more than 80% since the Amazon-backed company debuted on the Nasdaq at $78 per share on Nov. 10, 2021. That includes a nearly 30% decline this year.
A host of internal and external factors have contributed to Rivian’s stock decline, but the company continues to be the most promising EV maker to emerge during the early 2020s, as most of its peer group to go public during that time no longer exists.
Rivian founder and CEO RJ…
