Why Rivian Automotive Shares Are Gaining Tuesday
Portfolio Pulse from Nabaparna Bhattacharya
Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose on Tuesday following the announcement of their Q2 production and delivery figures. The company produced 9,612 vehicles and delivered 13,790 vehicles, in line with expectations. Rivian reaffirmed its 2024 annual production guidance of 57,000 vehicles and shared long-term financial targets, including positive gross profit by Q4 2024 and positive adjusted EBITDA by 2027. The company plans to release its Q2 2024 financial results on August 6.
July 02, 2024 | 1:16 pm
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Rivian Automotive's shares increased by 1.80% premarket after the company announced Q2 production and delivery figures that met expectations. The company reaffirmed its 2024 production guidance and shared positive long-term financial targets.
The increase in Rivian's share price is driven by the company's Q2 production and delivery figures meeting expectations, reaffirmation of 2024 guidance, and positive long-term financial targets. This news is likely to boost investor confidence in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100