1 Top Growth Stock Down 22% This Year and Built for the Long Haul
Sometimes, the market misprices a story stock by losing focus on the bigger picture.
Overview
It's been a pretty good year so far for the overall market. But Rivian Automotive's (NASDAQ: RIVN) stock has been a clear exception to this broad trend. Shares of this electric vehicle maker are down 22% year-to-date, extending lethargy that has lingered since 2023 despite the recent launch of its ballyhooed R2 battery-electric SUV with a palatable starting price of under $60,000.
The company expects this particular vehicle to become a major profit center over time. Indeed, although the R2 accounted for only a small portion of the 12,194 EVs it delivered last quarter, it's eyeing an annual production capacity of more than 400,000 R2 vehicles, plus the eventual R3. This may well be the automobile that not only puts Rivian on the map, so to speak, but gets it over the profit hump.
Image source: Rivian Automative.
Details
Source
Originally published at www.fool.com.
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