Stock Market Today, Nov. 2: Rivian Rallies on UBS Upgrade and Solid R2 Demand Outlook
Today, Nov. 2, 2026, the EV maker surged after UBS called the selloff overdone, citing solid early R2 demand and a path to positive automotive gross margin.
On November 2, Rivian Automotive (RIVN) experienced a significant rally, climbing 8.47% to close at $13.19. UBS upgraded the electric vehicle manufacturer's stock to a Buy rating, describing the recent sell-off as a buying opportunity ahead of the R2 ramp. The surge in Rivian's stock was driven by a positive outlook on early R2 demand and margin progress.
UBS set a $17 target price for Rivian, noting that early demand for the R2 model appears solid. The company's third-quarter results revealed a 38% year-over-year revenue increase to $2.2 billion and a $152 million rise in gross profit, demonstrating strong consumer demand for their all-electric midsize SUV, the R2 vehicle. This development comes as Rivian prepares for the launch of its R2 model, a key pillar of its growth strategy despite a challenging macroeconomic environment marked by rising interest rates and the termination of federal EV subsidies in 2025.
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