Investors Abandon Electric Vehicle Company Hailed as 'Next Tesla,' Stock Craters 87% from Peak

As the Biden administration continues to champion electric vehicles, a company once hailed as the “next Tesla” has seen its stock sink to record lows.

Electric vehicle manufacturer Rivian’s stock fell over 20 percent on Monday alone, closing at $22.78 per share. It remained around that figure on Tuesday afternoon.

This represented a whopping 87 percent decrease from the peak price of $179.47 that the Irvine, California-based company enjoyed in November, according to Yahoo! Finance.

From October to December, Rivian reported a net loss of nearly $2.5 billion. While it had once planned to produce 50,000 electric vehicles in 2022, the company announced in March it was cutting back to 25,000 vehicles for the year.

In a letter to its shareholders on Feb. 1, Rivian did not paint a bright picture for the remainder of the year.

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