Rivian Automotive has been downgraded to “Equal-Weight” by Barclays due to concerns over the company’s ability to withstand the current downturn in the electric vehicle (EV) market. The analysts noted that while Rivian has a great product, its technology alone is not enough to overcome the challenges of the EV market, which is currently experiencing a slowdown in demand. Barclays also highlighted the ongoing need for capital raises at Rivian and warned that weak demand could potentially impact the company’s ability to reach its target of reaching gross margin profitability in 2024.
Rivian Automotive ditches Barclays, tech lacks to dodge EV chill.
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