Posted 3/7/2024, 3:01:00 PM
Rivian Stock Upgraded Ahead of New Electric SUV Launch, Targets Profitability and Broader Reach
- Rivian stock gets buy rating from Jefferies ahead of new R2 electric SUV launch, suggesting over 45% upside potential
- Rivian revealing more affordable R2 SUV starting at $47k, aiming to expand brand reach
- Rivian delivered 13,972 vehicles in Q4, expects modest profit by end of 2023 after upgrades
- Rivian projecting 25% gross margin target long-term with R2 helping expand into new markets
- R2 will be built at Rivian's new $5 billion Georgia manufacturing plant beginning production in 2026