Rivian ( NASDAQ: RIVN) saw more than a 10.5 percent dip in Monday trading following a recall of more than 12,000 vehicles on Friday. Tesla shares were trading at $222.79 at the time of publish. RBC Capital Markets analyst Joseph Spak also cut the firm’s price target on Tesla to $340 from $367. Tesla also had its price target trimmed by UBS from $367 to $350, as analyst Patrick Hummel maintained a “Buy” rating. “We reiterate our OW (overweight) rating on Tesla and continue to position the name as a core holding.” The firm also revised its 2023 forecast by 200,000 cars from 2 million to 1.8 million. Morgan Stanley trimmed its 2022 delivery outlook from 1.37 million vehicles to 1.31 million. “We believe factors that drove Tesla’s weaker than expected 3Q production and deliveries could continue to present headwinds into 4Q as well as into FY23,” a note to investors said. These issues, while contributing to early Q4 deliveries, encouraged Morgan Stanley’s Adam Jonas to trim his Tesla price target from $383 to $350. These cars have been ordered and will be delivered to customers upon arrival at their destination.” “In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. “As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks,” Tesla said when it announced the delivery figures on October 2. The automaker detailed difficult supply chain conditions for the slide in deliveries, which ultimately ended up occurring in Q4 instead of Q3. Tesla delivered 343,890 vehicles but missed Wall Street expectations. Last week alone accounted for a nearly 12 percent slip in Tesla share price, attributed to a weaker-than-anticipated delivery count when the company announced Q3 numbers earlier this month. Tesla ( NASDAQ: TSLA) shares have been beaten and battered over the past month, down over 27 percent. However, these are not the only two companies facing heat during Monday’s trading session. Tesla faced several price target reductions on Monday morning amidst a lower-than-expected delivery count for Q3, while Rivian shares are down due to a recall that affected over 12,000 vehicles. Electric vehicle stocks are continuing to slide on Monday as a broader market turnover continues to affect the economy.
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