The EV start-up reported first-quarter deliveries of 8,640 vehicles, down 36% year over year but in line with company and Wall Street estimates.

Tesla's woes have some investors wondering if there is an opportunity for Rivian Automotive (NASDAQ: RIVN) to gain more sales traction, trim its losses, and get its stock off the mat. Rivian stock is trading down by more than 90% from the all-time high it touched shortly after it went public in late 2021.

Rivian (RIVN) shares slipped on Wednesday, April 2 after the electric vehicle (EV) company reported a 36% year-over-year decline in quarterly deliveries. The automaker delivered a total of 8,640 electric vehicles in Q1,