Rivian Automotive Inc.'s stock ($RIVN) hit a new all-time low, falling below $10 for the first time on April 10, amid broader market reactions to inflation concerns and competitive pressures from industry peers. The drop was influenced by a series of price-target reductions, with the most recent cut coming from Bank of America, which lowered its target to $21 from $25 on April 10. The decline in Rivian's stock value, down almost 7%, was further exacerbated by Ford's decision to reduce prices on its electric F-150 pickup truck, sparking concerns over increasing competition in the electric vehicle sector. This move by Ford has been linked to Rivian and Lucid Motors facing record-low stock prices, as investors grow wary of the heightened price competition among electric vehicle manufacturers.
Ford cuts 2024 F-150 Lightning price to fend off EV rivals https://t.co/G48SbBAnBL
Rivian’s stock clocks a record low as electric-truck price competition heats up https://t.co/qLOjEyI6fG
Rivian $RIVN falls to an all-time low 🚨 https://t.co/ONxKKCuUFc
EV firms Rivian and Lucid face record-low stock prices after Ford slashes prices on its electric pickup truck. https://t.co/j5Rum887jF
$RIVN down almost 7% as rumors $F will be cutting F-150 pricing again soon https://t.co/jbzesg56uM
Shares of electric vehicle startups Rivian and Lucid are staring down all-time lows after Ford slashed prices on its electric pickup truck https://t.co/e2jawx1DOe
Rivian Stock Is in Line for a Record-Low Close. Blame Ford. https://t.co/EWMIYZ8atj
$RIVN looks like it's knocking on death's door as sentiment and price both make new all time lows today https://t.co/eSnqOyklS6
Breaking: $RIVN shares fallen below $10 for the first time. Sees a few price-target cuts of late. Most recent, Bank of America to $21 from $25 on April 10. Also impact from yesterday's hot inflation print on autos (on the idea rates stay higher). R1 generation expensive.
new all-time low $RIVN https://t.co/lVkbiV38ga