Rivian Stock: The Rollercoaster Ride and 2024 Make or Break Year

Rivian's stock rebounded in premarket trading after a significant drop last week following the company's quarterly report, which led to downgrades from JPMorgan, UBS, and Truist Securities. The rebound may be due to the sell-off being overdone, with Tesla investor Gary Black defending the company and predicting its potential as a strong competitor to Tesla by 2030. Rivian is set to launch its second-gen R2 low-priced EV soon, and for a reversal, the stock needs to fill the gap formed after the quarterly results and surpass a key resistance around the $15 area. In premarket trading, Rivian rose 1.09% to $10.18.