What's Up With Rivian Automotive Stock Lately?
Portfolio Pulse from Erica Kollmann
Rivian Automotive, Inc. (NASDAQ:RIVN) stock has risen over 45% in the past month. The CFO, Claire McDonough, spoke at the Barclays 2023 Global Automotive & Mobility Tech Conference about a new, cost-effective battery pack for future R1 EVs, projecting gross margin positivity in 2024. Rivian also secured a deal with AT&T for the purchase of commercial vans and R1 electric vehicles, aiming to enhance safety, reduce costs, and lower carbon emissions. A recent drone video indicated a ramp-up in production, with many electric vans being prepared for delivery. Rivian's stock is trading above its 50-day moving average.
December 26, 2023 | 5:52 pm
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NEUTRAL IMPACT
AT&T has entered into a deal with Rivian for the purchase of commercial vans and R1 electric vehicles, aiming to improve safety, reduce costs, and lower its carbon footprint.
While the deal with Rivian is a positive step for AT&T's sustainability goals and may have some operational benefits, it is less likely to have a significant short-term impact on AT&T's stock price compared to Rivian, as vehicle purchases are a smaller part of AT&T's overall business operations.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Rivian's stock has seen significant gains, driven by positive developments including a new battery pack, a gross margin positive forecast for 2024, and a deal with AT&T for vehicle purchases.
The positive news about the new battery pack and the deal with AT&T, along with the CFO's optimistic financial projections, are likely to instill investor confidence and drive the stock price up in the short term. The drone footage suggesting increased production could further support the stock's upward trajectory.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100