As previously reported, Wolfe Research downgraded Rivian Automotive to Peer Perform from Outperform with no price target. While the firm continues to believe in Rivian’s long-term strategy and has been encouraged by their recently strong production and cost execution, it believes that investors will need more insight into demand for the company’s R1 platform which has to carry them through 2024 and 2025 before being willing to look further out to the launch of their R2 platform in 2026.
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