1 Great Sign for Rivian Investors
Rivian is doing a lot of the right things lately, including consistent improvement in its gross margins, and now the R2 is sending deliveries to the next level.
Electric vehicle company Rivian Automotive is facing a tough year, with its stock price down 28% so far. The U.S. EV industry has also been struggling, seeing a drop in market share to 6% to 7% due to rising interest rates and the end of federal EV tax credits. Despite these challenges, Rivian seems to be bucking the trend, with its R2 vehicle ramp-up accelerating.
The company's third quarter earnings are expected to be announced later this month. A key positive sign for Rivian investors is the significant increase in vehicle deliveries. In the third quarter, Rivian produced 19,751 vehicles and delivered 19,248, a substantial jump from the previous quarters. To reach its full-year guidance, the company will need to deliver around 20% more vehicles in the fourth quarter.
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