Rivian Automotive, Inc. (RIVN) stock plummeted 6.92% in the pre-market session on Monday, February 24, 2025.
The sharp decline in Rivian's share price was primarily driven by Bank of America's (BofA) downgrade of the stock to "Underperform" from "Neutral". BofA analyst lowered the price target on Rivian to $10 from $13, citing increasing risks for the electric vehicle maker.
According to BofA's analysis, Rivian faces mounting challenges, including increased competition, supply chain issues, and concerns over its ability to execute its plans for mass-market electric vehicles effectively. The analyst expressed doubts about Rivian's upcoming affordable models, scheduled for launch in 2026, and their potential to drive significant sales growth.
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