Posted 2/27/2024, 10:10:00 AM
Rivian Stock Plummets as Production Stall Forecast Sparks Downgrades and Demand Concerns
- Rivian told investors it expects no production growth in 2024, leading to stock drops and analyst downgrades
- UBS doubled downgraded Rivian from Buy to Sell, slashing price target by 66% to $8 per share
- Rivian CEO said key focus is increasing demand to meet 2024 delivery targets amid fears of waning demand
- With continued cash burn, Rivian likely needs to raise capital before lower-cost R2 platform launches in 2026
- UBS sees another 20% downside for Rivian stock unless an unexpected partnership happens