Rivian Automotive (NASDAQ: RIVN) stock is falling off a cliff -- it was trading 10% lower as of 10:30 a.m. ET Friday. The electric vehicle (EV) stock has now lost a whopping 33% in just two days and has fallen 55% already in 2024, as of this writing.

Ouch.

The markets believed Rivian would be able to turn things around in 2024 and ramp up production swiftly, but the EV maker just confirmed its struggles are far from over yet. Analysts are now slashing their price targets and investors dumping the stock, fast and furious.

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Source Fool.com