The Rivian Automotive Inc (NASDAQ: RIVN) stock price rose 1.62% on reports that the EV startup was outdoing some of its peers as it accounts for 2.8% of the EV market in the US. The data provided by Experian indicated that Rivian was outdoing its peers in terms of electric vehicle registrations.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The EV company recorded 2,750 R1T and R1S registrations in July, slightly improving its monthly average of 2,596. Investors were reminded that Rivian surpassed its Q2 production estimates, which came in at 3,992, marking a 50% improvement, and its Q2 deliveries also surprised to the upside by increasing 60% to 12,640 vehicles.
Searching for the Perfect Broker?
Discover our top-recommended brokers for trading stocks, forex, cryptos, and beyond. Dive in and test their capabilities with complimentary demo accounts today!
- eToro Top stock trading platform with 0% commission – Read our Review
- Tickmill Regulated by the FCA – Read our Review
- Admirals (Admiral Markets) More than 4500 stocks & ETFs available – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Rivian upped its full-year 2023 production target to 52,000 units, an attainable target for the company. The RIVN share price rallied 5.35% higher yesterday after Barron's report detailing its upbeat performance hit the markets. Still, there is room for further gains as RIVN shares have fallen 5.28% in the past week.
The recent decline in Rivian’s stock price was driven by the consensus production estimate for the company’s third quarter, which fell to 14,000 units from 15,000 units as we approach the end of the third quarter, where final production and delivery figures are just a few days away.
According to Barron’s, Baird analyst Ben Kallo issued a buy rating on Rivian stock Tuesday. He wrote: “Concerns regarding third-party reports of weakening demand have led to recent weakness in the stock, and we believe underlying demand remains strong with production improving.”
Kallo added: “We see Q3 deliveries as a near-term catalyst and expect sentiment to improve as Rivan continues to realize cost benefits from an improving supply chain and the use of in-house components.”
In other news, Rivian’s CEO, RJ Scaringe, recently promised to introduce leasing Rivian SUVs and pickups, marking a significant shift for the CEO, who was previously opposed to leasing the company’s vehicles.
The company’s introduction of its Enduro driving units and LFP battery packs in Q2 2023 should be a critical catalyst for its future performance.
Rivian Automotive (RIVN) stock price.
The Rivian Automotive (RIVN) stock price was up 1.62% to trade at $22.62, from Tuesday’s closing price of $22.26.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.