Truist keeps a Hold rating and $16 price target on Rivian while noting that the company’s latest Q3 production and deliveries data came in 10% and 15% below consensus respectively due to component shortage impacting both the R1 and RCV platform. The company made no mention of the target for positive gross margins by year-end, but this is now seen as unlikely assuming the shortage doesn’t improve in the very near-term, the analyst tells investors in a research note.
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