Rivian CEO RJ Scaringe Cheers Hitting 6-Figure Production Mark Even As Stock Languishes
Portfolio Pulse from Anan Ashraf
Rivian Automotive, under CEO RJ Scaringe, announced the production of its 100,000th vehicle, a significant milestone. Despite increased vehicle deliveries in Q1 2024 compared to Q1 2023, Rivian continues to face losses with each vehicle produced. The company aims for a positive gross profit by Q4 2024 and introduced a second-generation EV, the R2 SUV, to compete with Tesla's Model Y. Rivian's stock has seen a decline of over 50% year-to-date.
April 04, 2024 | 12:45 pm
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Rivian announced reaching its 100,000th vehicle production milestone and introduced a new EV model, the R2 SUV, aimed at competing with Tesla's Model Y. Despite increased deliveries, the company continues to incur losses but aims for a positive gross profit by Q4 2024. Rivian's stock has declined over 50% year-to-date.
The production milestone and introduction of a new model indicate progress and potential for future growth, which could be positive for investors. However, ongoing losses and a significant year-to-date stock decline suggest a cautious short-term outlook. The company's aim for a positive gross profit by Q4 2024 introduces a potential turning point, but the timeline and current financial performance introduce uncertainty.
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IMPORTANCE 90
RELEVANCE 100