Rivian (NASDAQ:RIVN) stock continues to take a beating on Thursday as investors are still reeling from upsetting news earlier this week.
The first thing that has investors in RIVN stock upset is increasing prices for the company’s upcoming electric vehicles (EV). Rivian attributes this to inflation but the roughly $17,000 increase in price wasn’t going over well with customers that pre-ordered EVs from the company.
However, RIVN is doing damage control after the outrage from customers. The company’s CEO revealed today that the price hikes will no longer go into effect for customers to pre-ordered before March 1.
While the price hike situation appears to be under control, RIVN stock still got hit with a couple of downgrades this week. Wells Fargo and RBC Capital analysts both hit the company’s shares with lowered price targets.
All of that news isn’t sitting well with investors, which resulted in the price of RIVN stock crashing yesterday. That downward movement is continuing today with shares slipping 5% as of this writing.
Let’s take a look at what traders are saying about RIVN stock as prices continue to fall today below!
Rivian Stock Twitter Talk
$RIVN – Of course their stock would tank and folks with pre-orders would cancel after Rivian increased prices and not honoring reservation rates. After the backlash, they're now backtracking and saying they will now honor the original agreed prices. Trying to save face, huh? pic.twitter.com/FNFM2OxNEk
— Vida Journey by Ann Marie Sosa (@avidajourney) March 3, 2022
So Rivian will ”loose” 15000$ on early reservation holders now. 15000$ on each car. 😮
Earnings will be like a red wedding. $RIVN https://t.co/XoWpUnN92M— EV SWEDEN (@teslaswe) March 3, 2022
$RIVN loses more than half of all reservation holders.
Production is hell.
— Aaron Klein (@AaronKlein10x) March 3, 2022
They did a good thing for the consumers, but did the bad thing financially.
It means that the next quarters will be at least as bad as the coming quarter.
Ford & Amazon will probably cash out at the same time Rivian will need to raise money.
This year will be brutal for $RIVN
— Barak David (@BarakDavid1) March 3, 2022
What was @Rivian, $RIVN thinking by increasing the rates ???
Now, $RIVN is down as low as $50/unit 🤦🏽♂️— Femi Babafemi (@bafem_) March 3, 2022
All of the news surrounding RIVN stock today has it experiencing heavy trading. As of this writing, more than 17.6 million shares of the company’s stock have changed hands. That’s above its daily average trading volume of around 17 million shares.
Investors looking for more stock market news from Thursday are in luck!
We’ve got the most recent stock market news that traders need to know about below! That includes what’s happening with Indonesia Energy Corp. (NYSEAMERICAN:INDO) stock, why Hexo (NASDAQ:HEXO) stock is on the rise, as well as the news boosting Canaan (NASDAQ:CAN) stock higher today. You can find all of this news at the following links!
More Stock Market News for Thursday
- INDO Stock Alert: What Is Going on With Little-Known Indonesia Energy Today?
- HEXO, TLRY Stocks: 8 Things to Know About the New Deal Linking Hexo and Tilray
- CAN Stock Alert: Why Is Bitcoin Mining Play Canaan Surging Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
