Rivian Automotive downgraded by BofA Securities with a new price target
$RIVN
Auto Manufacturing
Consumer Discretionary
BofA Securities downgraded Rivian Automotive from Buy to Neutral and set a new price target of $13.00 from $20.00 previously
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| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 11/8/2024 | $20.00 → $13.00 | Buy → Neutral | BofA Securities |
| 9/25/2024 | $16.00 → $13.00 | Overweight → Equal-Weight | Morgan Stanley |
| 9/10/2024 | $14.00 | Hold | Deutsche Bank |
| 9/5/2024 | Peer Perform | Wolfe Research | |
| 6/28/2024 | $13.00 → $20.00 | Buy | Needham |
| 6/26/2024 | $15.00 → $19.00 | Overweight | Cantor Fitzgerald |
| 6/26/2024 | $15.00 → $20.00 | Outperform | Wedbush |
| 6/25/2024 | $18.00 | Buy | Guggenheim |
Washington, D.C., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Rivian, Patagonia and Sol Systems, have joined forces to advance renewable energy in North Carolina through an innovative Renewable Energy Certificate and Community Impact Agreement (REC-CIA). This groundbreaking partnership is centered around the 50 MWac Lick Creek Solar project in Stokes County, NC, which will supply clean energy and contribute to a more sustainable future. The project is not only a step towards reducing carbon emissions but also a demonstration of how businesses can use renewable energy procurement to create positive social and environmental impacts. The Lick Creek Solar project benefits the local community today thr
Rivian Automotive, Inc. (NASDAQ:RIVN) today announced production and delivery totals for the quarter ending September 30, 2024. The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois and delivered 10,018 vehicles during the same period. Rivian is experiencing a production disruption due to a shortage of a shared component on the R1 and RCV platforms. This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues. As a result of the supply shortage, Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles. The company is also reaffirming its annual delivery outlook of low single digi
Rivian Automotive, Inc. (NASDAQ:RIVN) today announced production and delivery totals for the quarter ending June 30, 2024. The company produced 9,612 vehicles at its manufacturing facility in Normal, Illinois and delivered 13,790 vehicles during the same period. Production and delivery results during the second quarter of 2024 were in line with Rivian's expectations. For the full year 2024, management is reaffirming guidance for annual production of 57,000 total vehicles. The company also announced that on August 6th, after market close, it will release its second quarter 2024 financial results. Rivian will host an audio webcast at 5:00 p.m. ET the same day to discuss the performance
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In the wake of second-quarter earnings announcements, shares of leading automakers such as Ford Motor Company (NYSE:F), Tesla Inc. (NASDAQ:TSLA), and General Motors Company (NYSE:GM) experienced a downturn on Thursday. What Happened: Tesla’s shares fell by 2.03%, Rivian Automotive Inc‘s (NASDAQ:RIVN) by 3.13%, and GM’s by 1.91%. Stellantis NV (NYSE:STLA) and Ford suffered the most significant declines at 6.84% and 13.46%, respectively, according to Benzinga Pro data. Despite a modest 2% increase in revenue, Tesla’s second-quarter earnings per share did not meet expectations. Investors expressed concerns about a lower-than-expected auto gross margin and free cash flow. CEO Elon Musk’s c
On Tuesday after market close, Tesla Inc (NASDAQ:TSLA) reported its second quarter results, missing earnings expectations. Upon the disappointing results, Tesla shares fell more than 8% during premarket trading on Wednesday, pulling down the shares of its rivals, Rivian Automotive Inc (NASDAQ:RIVN), Lucid Group Inc (NASDAQ:LCID), BYD Company Limited (OTC:BYDDY), Nio Inc (NYSE:NIO) and XPeng Inc (NYSE:XPEV). Second Quarter Highlights For the quarter that ended on June 30th, Tesla reported its automotive revenue dropped 7% YoY to $19.9 billion, marking its second straight quarter of YoY sales declines and first-ever consecutive quarters of declining sales volume. Tesla responded to slowin
Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower in premarket today. The company is reportedly set to face trial over accusations that it prompted former Tesla Inc. (NASDAQ:TSLA) employees to steal trade secrets, according to a preliminary ruling by a California judge. Judge Theodore C. Zayner of the Santa Clara County Superior Court tentatively refused Rivian’s request to dismiss the case, asserting that Tesla had provided sufficient evidence for the case to proceed to trial, reported Reuters. The judge highlighted that some Rivian employees were inadequately investigated and not disciplined, which supports Tesla’s claims. The legal dispute originated in 2020 when Tesla
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4 - Rivian Automotive, Inc. / DE (0001874178) (Issuer)
4 - Rivian Automotive, Inc. / DE (0001874178) (Issuer)
BofA Securities downgraded Rivian Automotive from Buy to Neutral and set a new price target of $13.00 from $20.00 previously
Morgan Stanley downgraded Rivian Automotive from Overweight to Equal-Weight and set a new price target of $13.00 from $16.00 previously
Deutsche Bank resumed coverage of Rivian Automotive with a rating of Hold and set a new price target of $14.00
New joint venture (JV) with a total deal size of up to $5.8 billion combines the strength of both partners to create cutting-edge software and electronics architectures and scale the electric vehicle platforms and architectures. Engineers join the JV to create electric architecture and software for next generation Software Defined Vehicles (SDV). JV to be co-led by Wassym Bensaid (Rivian) and Carsten Helbing (Volkswagen Group). Oliver Blume, CEO Volkswagen Group: "The partnership with Rivian is the next logical step in strengthening our global competitive and technological position." Rivian CEO RJ Scaringe: "We're thrilled to see our technology being integrated in vehicles outs
Rivian Automotive, Inc. (NASDAQ:RIVN) today announced that on Wednesday, November 13, 2024, at 7:55 a.m. CT, Rivian CFO Claire McDonough will participate in a fireside chat at Baird's Global Industrial Conference. A live webcast will be available here. About Rivian: Rivian (NASDAQ:RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consume
Reaffirmed 2024 delivery outlook of 50,500 to 52,000 vehicles Secured R2 battery cell supply with multi-year LG Energy Solution contract Company on track for positive gross profit for fourth quarter 2024 Launched R1 Tri-Motor configuration Rivian Automotive, Inc. (NASDAQ:RIVN) today announced its third quarter 2024 financial results. In the third quarter the company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois and delivered 10,018 vehicles during the same period. The company remains on track for positive gross profit for the fourth quarter of 2024. This is expected to be driven primarily by improvements in revenue per unit, variable cost per unit,
IQHQ, Inc., a premier life science real estate development company, has announced the signing of premium retail leases and an event space operator at RaDD, IQHQ's transformative life science district on San Diego's downtown waterfront. These new, high-quality partnerships total approximately 50% of the district's nearly 200,000 square foot retail footprint. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241003314143/en/Rivian Showroom at RaDD. Courtesy IQHQ / Photo by Sudenim Visual Media "RaDD is a premier district designed to benefit both the industry we serve and the broader community with world-class shopping, dining, events,
Rivian Automotive, Inc. (NASDAQ:RIVN) today announced it has appointed Dr. Kjell Gruner as its Chief Commercial Officer and President, Business Growth. Gruner is joining Rivian from Porsche Cars North America, Inc. (PCNA), where he was most recently President and CEO. Gruner starts at Rivian today and will report directly to Rivian Founder and CEO RJ Scaringe. At Rivian, Gruner will oversee Rivian's commercial function including Sales, Marketing, Customer Care, Delivery, Service, and Fleet. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230901891588/en/Rivian appoints Dr. Kjell Gruner as Chief Commercial Officer and President, B