Rivian made its initial public debut in 2021, and has cratered in the years since as it dealt with rising interest rates that dimmed its growth prospects.
Rivian Automotive 's stronger-than-expected results could mean "accelerating growth" from here, though concerns remain for the electric vehicle maker, according to some Wall Street analysts. Shares popped 6% in premarket trading Wednesday after the company posted a narrower-than-expected first-quarter loss and said it's on pace to produce 50,000 vehicles in 2023. For some analysts, the results were encouraging.
"1Q23 results were mostly better than expected, particularly from a profitability perspective," Gianarikas said to clients in a Tuesday note. "We believe Rivian is on its way to capturing its fair share of the EV market via a thoughtful vertically integrated strategy. We see the R1S as the family SUV of choice and likely to see accelerating growth as more vehicles hit the streets," Gianarikas added.
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Rivian stock jumps nearly 6% as EV maker narrows quarterly loss, keeps guidance intactRivian lost $1.35 billion, or $1.45 a share, in the first quarter, compared with a loss of $1.6 billion, or $1.77 a share, in the year-ago period. $RIVN rose after the EV maker reported a narrower quarterly loss and kept intact its guidance for the year:
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See How The Seats Made By Rivian, Tesla, And Hyundai CompareIt’s an interesting analysis, showing how Rivian chose to modify the basic design of the Hyundai seat, which ultimately led to a much higher manufacturing cost
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