According to investment firm DA Davidson, ramping up production for Rivian is too uncertain for investors to back the company. Analyst Michael Shlisky began covering electric-car stocks with underperforming ratings, saying in a note to clients Wednesday night that there is too much implementation risk for new auto companies. on this market. Shlisky writes: “Like most EV startups, there have been bumps in the road; while we loved the truck we tested, we worried that negative headlines would more positive headlines in the coming months”. Rivian went public last year during a time of explosive investor interest in electric vehicle stocks, and the stock rallied above $100 per share in its first trading session. At the opening price, Rivian had a market capitalization of more than $90 billion. However, market sentiment has since deteriorated for growth companies lacking cash flow and profitability. Shares of Rivian are down more than 70% so far. Additionally, Rivian is dealing with supply chain issues that are weighing on the entire auto industry, but without the long-standing supplier relationships of its older competitors. Shlisky wrote: “RIVN has done a better job of almost everything with respect to ramping up production. It remains to be seen whether RIVN can continue to ramp up production as smoothly as their remarkable cars can be driven. or not, especially when new facilities open.” DA Davidson has a $24 price target per share for Rivian, 20% below Wednesday’s closing stock price. – Michael Bloom of CNBC contributed to this report.