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Rivian Stock Price (RIVN) Surges Post Strong Q2 Deliveries

Analyst Team trader
Updated 3 Jul 2024

Share prices of the electric vehicle manufacturer Rivian Automotive (NASDAQ: RIVN) saw a notable increase on Tuesday, as the company's production and delivery figures for the second quarter outshone estimates. 6.97% on the day yesterday has been backed up in the pre-market, where RIVN trades 0.6% leading into the shortened trading day.

Rivian, which has been closely watched since its IPO as a key player in the electric vehicle industry, delivered 13,790 vehicles, surpassing its own forecast range of 13,000 to 13,300 vehicles for the quarter.

Furthermore, the American automaker did not just excel in deliveries but also in vehicle production, rolling out 9,612 units in the second quarter, which was above their anticipated production target of 9,100 to 9,300 vehicles. This news was positively received by investors and the market, as shown by the uptick in its stock price.

The company has also maintained its projection for full-year production, reiterating that it aims to produce 57,000 vehicles by year's end. This steadfast outlook in the face of supply chain challenges and global economic pressures offers a strong vote of confidence in Rivian's operational capabilities and future prospects.3


Adding to the investor enthusiasm is the recent formation of a joint venture with the automotive giant Volkswagen (ETR: VOW3), valued at up to $5 billion. The partnership marks a significant alliance in the automotive industry, promising potential advancements in electric vehicle technologies and economies of scale.

When Volkswagen first invested in Rivian, it infused $1 billion into the EV maker. With the promise of an additional $4 billion expected to flow in the future, the venture capital could considerably boost Rivian's financial stability and expansion endeavors.

The stock rise over the past month, which amounts to over 30%, has been partially fueled by this partnership's reveal. Cash injections from leading automotive players like Volkswagen are essential for Rivian as it scales up production and navigates competition in the electric vehicle market.

This positive sentiment is echoed by the recent actions of equity analysts from respected firms such as RBC Capital and Canaccord Genuity, who have raised their price targets for Rivian's stock. Such endorsements serve to bolster the credibility of Rivian's market standing and future growth.

As market observers and investors gear up for the release of Rivian's second-quarter financial results on August 6, there is an air of anticipation about the detailed performance metrics and strategic roadmaps that will be outlined by the company. With the electric vehicle race heating up, Rivian's recent outperformance in delivery numbers places it in a favorable spotlight and instills optimism about the company's trajectory within this transformative sector.

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.