Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower Tuesday in sympathy with Tesla Inc (NASDAQ:TSLA) shares, which fell after the company reported lighter-than-expected deliveries for the fourth quarter.
What Happened: Tesla said it produced 439,701 vehicles last quarter, consisting of 419,088 Model 3 and Y vehicles and more than 20,000 Model S and X vehicles. Tesla delivered 405,278 vehicles including approximately 388,000 Model 3 and Ys and 17,147 Model S and X vehicles.
Full-year production numbers grew 47% year-over-year to 1.37 million. Full-year deliveries were up 40% year-over-year to 1.31 million.
Check This Out: Tesla Bears Grip EV Stock Following Weak Delivery Numbers
Following Tesla’s production and delivery update, Goldman Sachs analyst Mark Delaney lowered the price target on Tesla stock from $235 to $205.
Tesla has been battling concerns surrounding softening demand over the last month. Investors appear to be worried that softer demand trends will extend to the rest of the electric vehicle industry.
Amazon.com Inc (NASDAQ:AMZN)-backed Rivian designs, develops and manufactures category-defining electric vehicles and accessories.
RIVN Price Action: Rivian has a 52-week high of $106.80 and a 52-week low of $17.08.
The stock was down 6.27% at $17.28 at time of publication.
Photo: courtesy of Rivian.
