Why Rivian Stock Plunged Again Today

One analyst said Rivian Automotive (NASDAQ: RIVN) was facing headwinds yesterday, and shares of the EV start-up plunged today after the company acknowledged that view. Rivian stock was down 13.3% as of 10:30 a.m. ET.

The drop is coming a day after the stock also declined when fellow EV start-up Lucid Group slashed its production estimates for 2022 due to supply chain and logistics struggles. Also yesterday, Wells Fargo analyst Colin Langan cut his price target for Rivian as he feared the company is facing near-term headwinds, according to Barron's. The big news today is that Rivian acknowledged he is right, as increasing costs are forcing the company to significantly raise prices on its electric pickup truck and SUV models. 

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Source Fool.com