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The tale of Rivian’s fall from grace begins back in 2021. As we come up on November 2022, it’s important to remember that Rivian only just went public a year ago -- November 9th, 2021, to be specific.
No matter which way you cut it, Rivian has had its fair share of problems; some have been out of its control, others not. Still, it seems that they really are making a good product, and, more importantly, delivering it!
As of October 2022, Rivian has delivered around 14,000 vehicles to customers. With only two months to go in 2022, Rivian would need to deliver over 10,000 more cars in order to meet their annual goal, a promise they still seem determined to deliver on.
After promising to make their Q4 delivery promises, Rivian also announced that they would be conducting a voluntary recall on 13,000 of their 14,000 delivered vehicles. In light of the recall, shares slumped nearly 10% throughout the day.