Rivian Automotive Stock Climbs After R2 Model Reveal
Portfolio Pulse from Erica Kollmann
Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose after unveiling the R2 SUV and R3 crossover. The R2, starting at $45,000 with over 300 miles range, is set to compete with Tesla's Model Y, with deliveries beginning in the first half of 2026. Production will occur at Rivian's Illinois plant, saving over $2.25 billion. Analysts have a mixed outlook on RIVN, with an average 12-month price target of $17.38, suggesting potential upside. Shares are currently up 7.6% at $13.46.
March 08, 2024 | 3:41 pm
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Rivian's stock rose following the reveal of the R2 SUV and R3 crossover, indicating strong market interest in their new products. Analysts have a mixed but generally positive outlook, with an average 12-month price target of $17.38.
The positive reaction to Rivian's new product reveals, combined with the analysts' generally positive outlook and the stock's current upward movement, suggests a short-term bullish impact. The decision to produce the R2 at the existing Illinois plant, saving significant costs, further supports a positive outlook.
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IMPORTANCE 90
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