Rivian Automotive closed trading at $24.18, outperforming the S&P 500 and Nasdaq, and is expected to report positive earnings and revenue growth in its upcoming earnings report.
Rivian Automotive is expected to exceed electric vehicle delivery estimates in the third quarter, while Tesla faces obstacles, according to an analyst.
Rivian Automotive's stock soared 6% after analysts predicted strong third-quarter deliveries and highlighted the company's improving margins and solid demand for its electric vehicles.
Electric vehicle stock Rivian (NASDAQ:RIVN) received positive news from analysts, with Baird marking it as a "fresh pick" likely to beat delivery projections, resulting in a 6.5% increase in shares; additionally, reports of a lifted version of the Rivian R1T have further augmented its appeal to pickup enthusiasts.
The U.S. auto industry is expected to see a strong recovery in the third quarter, with sales volumes in September forecasted to increase by over 13% from 2022, and Q3 sales to surpass 3.9 million, a jump of more than 15% from the same timeframe last year.
Rivian's stock rises on predicted Q3 delivery success despite a slight decrease in estimates, while Fisker anticipates a significant increase in EV deliveries in the US and Europe for the fourth quarter.
Tesla's Q3 delivery numbers are expected to be released next week, with analysts predicting varying estimates amid potential production and delivery setbacks.
Rivian experienced explosive growth in the first half of 2023 in California, with a nearly 200 percent increase in new vehicle registrations and a 156 percent growth in registrations for the second quarter alone, making it a popular alternative to Tesla among consumers.
GM's Q3 delivery numbers show a significant increase in sales of its Cadillac Lyriq and Hummer EV, indicating progress in getting their Ultium vehicles off the ground, though overall EV sales still represent a small percentage of GM's total sales.
Rivian Automotive Inc. plans to issue $1.5 billion in convertible debt and reported preliminary third-quarter revenue, causing its stock to fall and disappointing investors.
Electric vehicle maker Rivian Automotive announces plans to raise $1.5 billion in convertible notes, causing a 19% drop in share prices, while McDonald's supplier Lamb Weston experiences a 10% jump in shares after beating analysts' expectations.
Three large U.S. banks, JPMorgan, Wells Fargo, and Citigroup, reported better-than-expected earnings for Q3 2023, driven by higher interest rates, although concerns over consumer resilience and geopolitical risks persist.
The Coca-Cola Company reported strong Q3 2023 earnings, with 11% organic revenue growth driven by positive volume, pricing actions, and carryover pricing from the previous year, and the company is confident in its ability to continue delivering volume growth and positive results in varying market conditions.
Rivian Automotive's stock has dropped by 29.94% in the past month, and the company is set to announce its earnings on November 7, 2023, with projected year-over-year growth of 13.38% and an estimated revenue increase of 154.57%.
