Shares of electric automaker, Rivian (NASDAQ:RIVN) were down more than 3.2% on Friday after the EV maker announced the R1S is now available for delivery from inventory in just 1-2 weeks.
This news came after the expansion of Rivian's leasing program to include the electric SUV, prompting concerns at Deutsche Bank regarding the demand for these vehicles. Analysts speculated that the company's backlog of pending orders may have been significantly reduced.
Analysts at Deutsche Bank downgraded Rivian to a Hold rating on Wednesday, cutting their 12-month price target by $10 to $19.00/sh after realizing the downside risk to 2024 expectations around the company’s volume and gross margin.
Shares of RIVN are down 3% in mid-day trading on Friday.