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Rivian's production issues come at a time when overall EV industry sales have slowed, while the company is also working toward a positive gross margin. While EV growth has slowed, it is still ...
Shares of Rivian ended the day at $10.44, down 3.2%. The company's stock has been battered since the start of the year, falling by more than 50% amid underwhelming financial reports.
The shortage of the part used in its R1 SUV and R1T pickups, as well as its delivery vans, started in the third quarter and forced Rivian to slash its annual production target in October.
After a long stretch of share price weakness, the market has finally started to shift its sentiment. Since the beginning of November, for instance, Rivian's stock value has increased by roughly 40%.
The cash influx from Volkswagen, with some coming later after certain milestones are met, will help Rivian ramp up the production of its new, lower-cost R2 model, which it plans to introduce in 2026.
This year started out fairly well, with a goal of matching 2023 production levels despite a plant upgrade that would allow Rivian to post a modest gross profit in the fourth quarter of 2024. A ...
In recent quarters, production and delivery growth has stalled. The company delivered just 10,000 vehicles in Q3 (it gives out this figure before earnings), which is its lowest level since March 2023.
As a company, Rivian Automotive (NASDAQ: RIVN) has performed incredibly well since going public in 2021. Over that time frame, sales have risen by more than 1,000%, breaching the $5 billion mark ...