Rivian’s stock has lost 90 percent of its value since 2021 and is performing so badly that it might not be listed on the Nasdaq 100 by late June
https://www.carscoops.com/author/sebastien-bell/
–>
by Sebastien Bell
5 hours ago
–> 
by Sebastien Bell
–>
Since its record-breaking initial public offering in 2021 when it reached a record high of $129.95 , Rivian’s share prices have lost nearly 90 percent in value falling to $14.62 on Thursday in New York. Such is the downturn, that the startup is at risk of being pushed off the Nasdaq 100 Index later this month.
JPMorgan analyst Min Moon suggested this week that Rivian’s stock was weighted as less than 0.1 percent of the index in April and May. The Nasdaq 100 normally removes its smallest members after two consecutive months of being that low.
As a result, Moon anticipates that Rivian will be removed from the Nasdaq 100 by the third Friday of June. That would be the latest blow to the company’s stock, which has fallen as much as 20 percent this year, reports Bloomberg.
Read: More Bad News For Nikola As EV Truck Maker Receives Delisting Notice From Nasdaq
Despite setting a record during its IPO, Rivian’s share prices started falling almost immediately after the initial frenzy abated. The EV manufacturer was hit by a sudden turn against startups, as investors reacted to rising interest rates that impacted the sales of high-price electric vehicles.
Similarly, American EV startup Lucid has been hit by difficulties. Although its electric luxury sedan has been well received by critics, it has struggled to find buyers, and its share prices have fallen by 5.4 percent this year.
advertisement scroll to continue
Meanwhile, electric truck startup Nikola, recently received a delisting notice from Nasdaq in May, because its shares had been trading at less than $1 for 30 consecutive days. Similarly, Lordstown, another EV startup, was forced to perform a reverse stock split in order to avoid its shares trading at less $1, and also being delisted from the index.
Not all EV startups are struggling, though. Industry giant Tesla’s stock price has risen 68 percent this year, and it is using its manufacturing maturity, as well as its high profit margins, to sell its vehicles, and compete with more established manufacturers such as Ford and VW that are pouring money into EV production.
