Cheddar News takes a look back at truck maker Rivian as its shares sunk this year.

Looking at Truck Maker Rivian as One of the Stocks of the Year

let's take a look at one of our stocks of the year and we are focusing on Rivian today as the E. V truck maker has been ravaged by a range of setbacks in 2022 the company went public in november of 2021 so just a little over a year ago with this historic valuation of more than $80 billion was the biggest I. P. O. Since facebook debuted in 2012. But since then supply chain and manufacturing issues that caused the company stock to creator and Rivian notoriously trying to raise prices of its vehicles in March, extending even to pre existing orders already committed to the original price only to later reversed course and apologized. So talk about a volatile stock market. This was a volatile pricing structure for consumers and since its I. P. O. The company has fallen from the top of the E. V. Startup mountain, hitting every rock on the way down. Unfortunately, We take a look at the stock year to David's down 79%. As the company has lost nearly $75 billion November of 2021. Well, the company's supply chain issues have had ripple effects throughout the economy and Rivian failing to secure the necessary materials to make the all important batteries for its vehicles. So that combined with the semiconductor shortage causing it to slash production estimates to just 25,000 for all of 2022. Now, as of October however, Rivian had produced less than 15,000 vehicles a year and amazon and ford major backers of Rivian from the jump, both companies suffering billions of dollars in losses this year, pointing the finger at their investments in Rivian. Now, after a disastrous first quarter for four, that legacy automaker offloading much of its investment in Rivian, selling about seven million shares for just under $27 each. That was a total of roughly 188 million. So a lot of money there, a lot of cheddar if you will, but amazon meanwhile, maintaining its confidence in Rivian and the e commerce giant's order of 100,000 0 emission electric delivery vans is something that has helped keep Rivian afloat during these tough times, amazon already rolling out thousands of the vans in more than 100 cities across the US delivering more than five million packages in the process. And the good news for Rivian is that it has 100 and 14,000 orders for its vehicles. The bad news is that it's unclear when those vehicles will be delivered. So it's burning through cash on production, winding its losses in the third quarter of this year to 1.7 billion from 1.2 billion in the same time last year. But despite the bleak 2020 too many analysts believe in rebellions business plan in the long run. So, another consolation for this company is that it's dr lucid, Is that a rough year to tesla steering into one crisis after another. And so we'll see if Rivian can turn over a new leaf in 2023.