Electric vehicle startup Rivian Automotive finally broke some good news after suffering continuous negative momentum in 2022 and at the beginning of the new year.
RIVN stock increased approximately 10% at the conclusion of the trading day, Electrek reports.
Interestingly, the rebound in Rivian’s stocks came after its Q1 delivery results had been disclosed.
Rivian’s Q1 delivery results beat analysts’ forecasts
Rivian had registered 8,145 vehicles in Q1 2023, per the latest data obtained by Cox Automotive from the state registrations.
The strong delivery result undoubtedly exceeded Wall Street’s forecast of 7,167, per Benzinga.
The financial tech, media, and data firm also pointed out that data on the secondhand market revealed that fewer Rivian EVs were available for purchase compared to competitors like Ford and Lucid.
The unexpectedly high delivery results support Rivian’s lofty goal of producing 50,000 vehicles in 2023. Buy recommendations have been reiterated in the three most recent analyst reports from Morgan Stanley, Truist Financial, and Barclays, Investor Place reports.
Rivian’s previous stock decline
Now, it appears that RIVN stock is ahead at the moment. Nonetheless, its entire ride has really been difficult.
See Also:
- Rivian cuts 6% of its workforce for the second time in less than a year amid EV price war
- Rivian rolls out 25,051 EVs in 2022
- How EV-related stocks changed in January 2023
- Rivian experienced a global supply-chain crisis, resulting in missed production
- Tesla shorts made billions in profits as stocks fell by over 57%
RIVN has declined 17% from the year’s start. Moreover, the report shows that almost 73% of the shares fell below breakeven in the last 365 days.
For comparison, RIVN experienced a 72% decline in the prior year.
The market leader, Tesla (NASDAQ: TSLA), apparently lost over 48% in the previous 12 months despite expected gains in 2023.
