The Latest Breaking News from Rivian

Barclays analyst Brian Johnson lowered the price target Rivian Automotive Inc (NASDAQ:RIVN) to $47 (15% upside) from $115 and kept an Equal Weight rating on the shares heading into the company's earnings. The analyst saw a 10.77% upside for the company. Johnson noted Rivian recently indicated it would honor original pricing on pre-existing orders…

Earlier this month, Rivian announced upcoming dual-motor versions of the Rivian R1S and Rivian R1T, as well as new, higher prices.

Rivian CEO RJ Scaringe wrote in an open letter that the electric vehicle company was "wrong" to change prices for consumers that had already pre-ordered vehicles.

The EV space was swathed in a sea of red in the week ending March 4, although market leader Tesla, Inc. (NASDAQ: TSLA) and a handful of stocks managed to buck the downtrend. The negative sentiment can be traced back to company-specific catalysts, which pressured stocks.

We also discuss the Stellantis Dare Forward 2030 plan and how well electric vehicles work in cold weather.

R1T and R1S pricing jumped between 17 and 20 percent as of March 1.

Rivian Automotive Inc (NASDAQ: RIVN) announced unexpected price hikes earlier this week, which was particularly unfortunate for reservation holders.  It appears the electric vehicle startup is walking back the price increases following a backlash from customers. 

Scaringe also says that those who canceled their preorders on or after March 1 have the option to restore their original configuration.

Many reservation holders are also disappointed that the price hikes will make the R1T and R1S not eligible for a federal tax credit anymore.

Rivian Automotive Inc (NASDAQ: RIVN) is facing an onslaught of peeved customers online, with many claiming to cancel reservations on online forums after the electric vehicle maker announced price hikes.

Rivian Automotive Inc (NASDAQ: RIVN) is trading lower Wednesday after the company on Tuesday announced it's raising the prices of its vehicles by about 20%.