Rivian’s stock price has been declining since the company’s spectacular IPO last year when it debuted on the public market with an aggregate worth of more than $80 billion. Supply chain issues and production issues have hindered its advancement since then. Rivian, like other manufacturers, has had difficulty obtaining the materials required to build lithium-ion batteries for its vehicles, as well as the semiconductor chips required to power several of its high-tech features.
However, on a conference call with investors, Rivian CEO RJ Scaringe stated that the end of supply chain disruptions is nigh. “We believe we’ve seen the worst of it, or, if you will, the valley of supply restrictions,” Scaringe added. “And the vendors have stepped forward.”
