NORMAL, Ill. — Rivian Automotive, which makes electric vehicles in Normal, will lose its spot next week on the closely watched Nasdaq 100 index after the company’s stock price has fallen roughly 92% since it became a publicly traded firm in November, 2021.
Nasdaq said in a release that Rivian is being replaced on the index with onsemi, an Arizona-based semiconductor supplier starting Tuesday, June 20.
The Nasdaq 100 index measures the performance of some of the biggest-name companies, mainly from the technology sector.
While Rivian’s removal from the Nasdaq 100 may signify a loss of prestige, its stock can continue to be traded on the exchange.
Rivian’s introduction into the stock market in November, 2021 was one of the major business stories of that year, as the share price soared to almost $180.00 at its high.
According to 25 News, at the close of the latest regular trading session, Rivian was priced at $14.74 per share, down about 92% from its initial public offering.
This spring, Rivian said it’s on track to produce 50,000 vehicles this year, about twice as many as in 2022. The company also anticipates it will become profitable for the first time in 2024. Rivian said it lost $1.35 billion during the first quarter of this year, continuing a streak of quarterly losses running in the billions.
