Rivian said it expects to produce 57,000 vehicles this year, which the company said was in line with 2023 figures, though it disappointed Wall Street analysts who expected that number to be higher. Last year, the company produced 57,232 vehicles and delivered 50,122, more than double its 2022 figures. Morgan Stanley analyst Adam Jonas maintained an Overweight rating, but lowered his price target for the stock from $14 to $13 on Thursday.
- According to data from Benzinga Pro, 20.89% of available shares are being sold short, and the stock hit a new 52-week intraday low of $10.03 Friday.
- The company offers five-passenger pickup trucks and sports utility vehicles under the R1T and R1S labels.
- The EV startup announced Tuesday that it built 13,980 vehicles and delivered 13,588 of them in the first quarter of…
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- That includes engineering specifications such as easily removable batteries and batteries that can be easily recycled or repurposed into stationary power packs when their EV lifespan is spent.
- The company reaffirmed its full year 2024 guidance for annual production of 57,000 total vehicles.
Rivian said it would continue its “company-wide cost transformation program,” which it said helped reduce the price for the company’s electric pickup truck, SUV and delivery van. Despite years of growth in EV sales, mass-market customers remain wary of EV battery life, range and the availability of bdswiss review reliable charging stations. That’s why hybrid vehicle sales have grown alongside those of EVs, Caldwell said. But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another.
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Rivian pulled off a Steve Jobs moment with its surprise announcements
It’s also rapidly burning cash, though the company said it would deliver a modest gross profit by the fourth quarter, and that will be an important test for the company. With its revenue growth likely to decline this year, Rivian will need to prove it has a viable path to profitability in order to breathe new life into the stock. Considering the industrywide headwinds, bitbuy review that won’t be easy even if its new vehicles are well received. However, the stock’s gains Thursday seem to be more in response to the launch event, where the company pulled the curtain back on the R2, a two-row compact SUV with a battery range of around 300 miles. Rivian said it would be priced starting at $45,000, and that production is scheduled to begin in 2026.
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Rivian Automotive Stock FAQ
The company reaffirmed its full year 2024 guidance for annual production of 57,000 total vehicles. However, a positive analyst note and the unveiling of a vehicle that won’t be commercially available for two years are unlikely to change the trajectory of the stock in the near term. Like much of the rest of the EV industry, Rivian is struggling amid plateauing customer demand and higher interest rates. The macro conditions help explain why the company doesn’t plan to grow its production this year.
The EV start-up delivered 13,588 vehicles in the first quarter of 2024 and produced 13,980. “We ultimately see shares remaining range bound until RIVN can demonstrate sustainable gross margin improvement coming out of the Normal shutdown,” said Levy. That hesitation is showing up in Rivian’s production and delivery expectations for 2024. The company said its backlog of orders had shrunk, partially due to fulfillment, but also due to cancellations and fewer new orders. Rivian could desperately use some investor buy-in after its disappointing fourth-quarter results, guidance for flat production in 2024, and news that it’s cutting 10% of its workforce.
Rivian (RIVN) owners now have access to over 15K Tesla (TSLA) superchargers and will start receiving NACS DC adapters in April. Rivian has a challenging year ahead — and the first quarter is off to a tepid start. The EV startup announced Tuesday that it built 13,980 vehicles and delivered 13,588 of them in the first quarter of… Deutsche Bank analyst Emmanuel Rosner said in a note to clients that he now expects deliveries to be “flattish” in 2024 at 50,000 vehicles, as opposed to his previous expectation of 65,000 vehicles. A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Wall Street analysts view Rivian Automotive on the whole as a Neutral, given the history of coverage over the past three months.