Rivian Stock Sunk To An All-Time Low On Thursday

vehicles traveling on road between buildings during daytime

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Rivian Automotive Inc (Nasdaq: RIVN) slipped to an all-time low of $9.50 a share on Thursday after Ford Motor Co (NYSE: Flowered the price of its F-150 Lightning.

What does Ford’s price cut mean for RIVN

The flagship electric pickup truck is now available for up to $5,500 less after what was the biggest price cut the legacy automaker has announced to date.

Legacy automakers like $F may afford to cut prices in pursuit of higher demand – but smaller rivals like Rivian may not have that luxury considering it’s already burning cash fast.  

But it looks like $RIVN is committed to lifting demand via other means.

On Thursday, the EV firm said its users can now scan a QR code on the navigation screen of their vehicle to request a free adapter that will enable access to Tesla’s network of fast chargers.

Is Rivian stock worth owning in 2024?

Access to the network of superchargers “will help alleviate range anxiety”, as per an owner of Rivian R1S – Sapan Dhora.

Last week, the electric vehicles company based out of Irvine, California reported 13,588 deliveries for the first quarter versus 12,415 that experts had forecast.

That made John Murphy – a Bank of America analyst forecast upside in Rivian stock to $21 which suggests a well over 100% upside from here.

He’s convinced that RIVN will hit that price target over the next twelve months even if the U.S. Federal Reserve does not lower interest rates at all in 2024.

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