Rivian Automotive Inc. shares were on their way to a third consecutive loss after Tesla Inc.’s first Cybertruck was completed over the weekend.

In a note sent to clients, Baird analyst Ben Kallo wrote: “We view competitive pricing and specifications for the Cybertruck [as a] fundamental and headline-risk to [Rivian]”.

Rivian RIVN, -2.74 % stock dropped 2.5% during premarket trading. After closing at a seven month high on July 12, the stock has lost 4.2% in the last two sessions.

Tesla shares (TSLA, +1.25%) gained 2.0% and are now on course to open at their highest level in 10 months.

Rivian’s R1T electric truck is priced at $73,000, and the R1S sport utility vehicle (SUV), at $78,000. The Cybertruck is reported to start at about $40,000.

Elon Musk, Tesla’s Chief Executive Officer, said in early 2023 the Cybertruck production would begin in 2024. Cybertruck first appeared in 2019. Since then, it has faced several production delays.

Kallo, of Baird, said that despite Rivian (RIVN’s) impressive second-quarter delivery report he is “cautious’ about Rivian stock before the second-quarter results are released on August 8, due to concerns regarding the costs associated with the development of Rivian’s Georgia facility.

Baird wrote: “In both a positive as well as a negative way, RIVN needs to raise capital to fund its project in the short to medium term. The recent stock appreciation could create a great opportunity for RIVN in terms of raising equity.”

Rivian stock is up 80.8% in the last three months, Tesla stock up 50.4%, and the S&P 500 SPX up 7.1%.