Rivian CEO RJ Scaringe 'Overwhelmed' As 68K R2 Reservations Pour In Within 24 Hours
Portfolio Pulse from Anan Ashraf
Rivian Automotive (NASDAQ:RIVN) received over 68,000 reservations for its new R2 SUV within 24 hours of unveiling it at Laguna Beach. CEO RJ Scaringe expressed being 'overwhelmed' by the response. The R2, starting at around $45,000, and the upcoming lower-priced R3 crossover, are both positioned below Rivian's current R1 models. Rivian aims to begin R2 production in the first half of 2026. Despite a net loss of $1.52 billion in Q4 2023, Rivian maintains a strong liquidity position with $10.47 billion, including cash and credit facilities.
March 09, 2024 | 4:31 am
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Rivian Automotive received over 68,000 reservations for its new R2 SUV within 24 hours, indicating strong market interest. The company's financials show a net loss but a robust liquidity position.
The overwhelming response to Rivian's R2 SUV reservations suggests strong consumer interest and potential future revenue growth. Despite recent financial losses, the company's significant liquidity indicates resilience and capacity for future investments and operations. This positive consumer response and financial stability are likely to positively impact investor sentiment and Rivian's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100