According to the Complaint, Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures, and sells EVs and accessories. The Company’s products include, among others, the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven passenger sport utility vehicle, both of which are marketed as consumer EVs, as well as the Electric Delivery Van (“EDV”), which is marketed as a commercial EV. Rivian sells its products directly to customers in both the consumer and commercial markets.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Rivian had overstated demand for its products, as well as its ability to withstand negative, near-term macroeconomic impacts; (ii) accordingly, Rivian's business was experiencing reduced demand and increased customer cancellations as a result of, inter alia, high interest rates; (iii) as a result, Rivian's order bank had significantly deteriorated; (iv) all the foregoing was likely to, and did, negatively impact the Company's anticipated earnings and vehicle production targets for 2024; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.