Truist Slashed Its Price Target on Rivian Stock

It hasn’t been a pleasant year for electric vehicle (EV) companies, and Rivian (NASDAQ:RIVN) is no exception. RIVN stock is down by nearly 50% this year in the midst of declining demand and price wars among competitors. Rivian reported its earnings last week, revealing that it would lay off about 10% of its staff. The company also guided for the production of 57,000 vehicles in 2024. That’s significantly lower than the analyst estimate for 81,700 vehicles. Rivian produced 57,232 vehicles in 2023, meaning th ...