Rivian founder and CEO RJ Scaringe rang the Nasdaq opening bell Wednesday morning from the company’s Normal manufacturing plant, surrounded by hundreds of workers. The company is scheduled to release its next quarterly earnings announcement on Wednesday, February 21st 2024. If you already have a brokerage account (think a traditional IRA, Roth IRA or standard brokerage account, but not a 401(k) or another employer-sponsored retirement account), you can skip ahead to No. 4.
Rivian Automotive Inc. (RIVN) designs and manufactures electric vehicles (EVs) and accessories and offers related services. The company produces and has begun delivery of its first-generation consumer vehicle, which is a two-row, five-passenger pickup truck named the R1T. Later this year it plans to begin delivering a three-row, seven-passenger SUV named the R1S.
- Rivian’s total book value, the difference between its assets and liabilities, was $5.5 billion as of June 30, 2021.
- Rivian said in its prospectus that it will lose up to $1.28 billion in the third quarter, while revenue will range from zero to $1 million.
- The size of the IPO and the rapid rise in Rivian’s stock price reflects investors’ excitement about the EV market, especially for startups seeking to develop EVs that compete with traditional automakers.
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Rivian Automotive’s stock was trading at $23.46 at the beginning of 2024. Since then, RIVN stock has decreased by 33.8% and is now trading at $15.53. Rivian said in an amendment to its S-1 filing that it has a backlog of pre-orders for 55,400 R1T and R1S vehicles from customers in North America and plans to deliver these by the end of 2023. But Rivian is still a relative upstart, and it hasn’t started generating real revenue. Rivian said in its prospectus that it will lose up to $1.28 billion in the third quarter, while revenue will range from zero to $1 million. We believe everyone should be able to make financial decisions with confidence.
A good guideline is to have no more than 5% to 10% of your portfolio in individual stocks. Rivian will make a trade-in offer during our online purchasing experience. We accept most makes and models of vehicles as trade-in, though some may require manual review. At Rivian, we’re committed to showing that a successful business can also be good for the planet. That by exploring more responsibly today, we can preserve the environment for the generations that come after us. Achieving this requires real innovation, collaboration and stewardship.
Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart’s disclaimer. Upgrade to MarketBeat All Access to add more stocks to your watchlist. The Rivian R1S began production in 2022 and began deliveries later that year.
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Their RIVN share price targets range from $15.00 to $44.00. On average, they predict the company’s stock price to reach $27.24 in the next year. This suggests a possible upside of 75.4% from the stock’s current price. View analysts price targets for RIVN or view top-rated prime of prime liquidity stocks among Wall Street analysts. It also hasn’t produced its electric vehicles in very high volumes yet. It’s not clear how quickly it can ramp up production, especially amid the global chip shortage and port constraints that have plagued automakers this year.
Depending on the choice of battery pack, the Rivian R1S promises to deliver from 240 to 410 miles of driving between charges, per InsideEVs.com. That’s much farther than the Tesla Model X, which can be driven only 237 to 295 miles. Both vehicles offer 3 rows of seating, but InsideEVs estimates that the R1S is slightly more roomier, given that its roofline does not slope like the Model X.
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The company was founded in 2009 and is based in San Jose, California. Rivian is among the greenest of the EV makers choosing to achieve carbon neutrality well ahead of the Paris Climate Accord timeline. And as my colleague pointed out, there are a slew of potential customers that Rivian could ink deals with.
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New legislation awaiting President Joe Biden’s signature will provide $7.5 billion in federal grants to build a national network of electric vehicle charging stations, and Rivian could stand to benefit. Scaringe has emphasized that Rivian vehicles are ideal for people with a sense of adventure and a love of the outdoors. As such, the company is placing charging stations in out of the way destinations, like state or national parks. Rivian, which trades https://traderoom.info/ under the symbol «RIVN» on the Nasdaq, has attracted intense interest from investors looking to capitalize on the fast-growing EV market. But the company has yet to establish a business model and expects no more than $1 million in revenue for the third quarter. With many car companies making eco-friendly promises left and right, and without too many actual electric vehicles on the road, it can be hard to know where the EV industry is headed.
Access to Rivian’s skateboard platform, which has a separate electric motor for each wheel, is a key motivation for Ford’s stake. For several years, Ford has had ambitious plans to increase capital spending on the development of electric vehicles, per Barron’s. Rivian Automotive, founded by Robert «R.J.» Scaringe, is coming up fast in the rearview mirror of high-profile electric carmaker Tesla Inc. (TSLA). Largely unknown outside of automotive circles, the privately-held maker of premium electric sport utility vehicles (SUVs) and pickup trucks has yet to sell a vehicle. The company says its factory in Illinois has the capacity to produce up to 150,000 vehicles per year. About 65,000 of those should be R1T pickup trucks and SUVs, and about 85,000 should be the company’s RCV commercial delivery vans, Rivian said in financial filings.
If you’ve decided Rivian stock is for you, your budget will partially determine how much you invest. Since the stock debuted, its price has ranged from $172 to $20. You could buy a few shares for $30 each, but if the stock jumps to $150, you couldn’t buy any. How confident are you that Rivian will survive the early stages and rise to the top? Any investment you put into a single stock should be made with the knowledge that it is possible to lose your entire investment if the company goes out of business.
The R1S comes with a 260 to 320-mile range and can also wade through 3 feet of water. The R1S also boasts the ability to rock crawl up a 100% incline or 45-degree slope. Shares of Rivian originally priced at $78 a piece Tuesday night, but popped more than 50% Wednesday when it opened at $106.75 per share, before paring some of those gains later in the afternoon. It’s also important to consider whether you can afford to lose the money you’d be putting into Rivian.
But Scaringe said he’s confident the world will eventually make a lasting shift to EVs, saying government policies will drive that change. He referenced the Biden administration’s EV initiatives, including a push to have the vehicles make up half of U.S. auto sales by 2030. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation. As investors get ready to grab shares of the company, we look at several important things investors should know about Rivian Automotive.
