As previously reported, BofA downgraded Rivian Automotive (RIVN) to Underperform from Neutral with a price target of $10, down from $13. Rivian “remains one of the most viable” among the startup electric vehicle original equipment manufacturers and is making progress towards sustainably positive gross margins, but the 2025 outlook was softer than expected and the Volkswagen (VWAGY) partnership is complicating earnings forecasts for at least the next four years, all while competition is increasing and demand for EVs is slowing, the analyst tells investors. The company is making progress, but risks are “piling up,” the analyst added.
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