Rivian Automotive Inc. ($RIVN) shares hit a new all-time low, falling below $10 for the first time, amid a broader downturn in electric vehicle stocks. The decline was attributed to several factors, including recent price-target reductions by analysts, with Bank of America lowering its target to $21 from $25 on April 10, and the impact of the latest hot inflation data on auto stocks, suggesting prolonged higher interest rates, has weighed on the sector. Rivian's downturn is also linked to market reactions to Ford's decision to cut prices on its electric pickup truck, which has put pressure on competitors. Rumors that Ford may further reduce F-150 pricing have exacerbated the situation, contributing to a nearly 7% drop in Rivian's stock.
$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