Rivian Automotive, Inc

Rivian Automotive, IncNASDAQ
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History of RIVN

Important events

Nov 102022

Steering in the right direction

In a market filled with disastrous earnings and plunging prices, EV maker Rivian offers a rare bright spot with its FY target.

  • Rivian defied the market downturn with a 7% jump in extended trading, though prices did lose 11% in day trading and are still down nearly 70% YTD. It came despite a Q3 miss on both ends, reporting widening losses per share of $1.57 on revenues of $536m. Though sales were a little light, confidence is everything, and Rivian seems to have it in spades.
  • Investors were more focused on the brand’s production schedule, which offered a bullish outlook. While Rivian warned of worsening supply chains and higher costs thanks to inflation, it also reaffirmed its 25k-vehicle production target for 2022 and said it plans to dramatically cut costs to achieve that, lowering its guidance for capital expenditure.
  • Others in the industry aren’t looking quite as steady. Lucid Group, for example, took a battering of nearly 17% on Wednesday to take prices to a fresh new low on the back of a Q3 loss and declining reservations. Similarly, Lordstown Motors reported a disastrous quarter, though its stock was partially buoyed by a deal with Foxconn.
See all reported financials
Wes Hicks / Unsplash

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Oct 112022

How to lose $2bn in one day

What’s the simplest way for an EV company to anger its consumers? Well, take away all of their EVs, of course.

  • Amazon-backed Rivian has had to recall over 12k vehicles, which is nearly every vehicle it’s ever sold, after the EV maker found a potential steering defect that needs to be re-checked – Rivian has only been delivering vehicles for about a year, so it’s not like they have a solid rep to fall back on here.
  • Investors and consumers alike are naturally concerned about the safety of both their cars and their investments, and this news exacerbates fears that the brand won’t be able to meet its end-of-year production target of 25k. Tbf to them, much of the EV industry is in turmoil right now thanks to macro conditions, so they’re not alone.
  • Rivian’s market cap lost over $2bn in one day on Monday to take its value to around $31bn, with shares falling over 11% at one point during intraday trading before closing down over 7% – the stock has now lost over 70% from its November 2021 IPO opening price, serving as a warning to those who think the EV market is easy to infiltrate.
Stephen Leonardi / Unsplash
Oct 042022

The EV edit

It’s the end of the month, and you know what that means… EV production numbers hit the market, and this time they’re rounding up quarterly progress as well.

  • Rivian popped 8% in premarket trading after the EV maker saw its highest quarterly production numbers in its history in Q3, saying on Monday that it made over 7,000 vehicles and remains on track to meet its annual production goal of 25k vehicles – which is a relief considering that goal is already only half of its previous commitment.
  • Tesla wasn’t quite as lucky with its release. The EV leader missed former forecasts for the quarter despite reporting record delivery numbers, and saw its shares decline 8.61% for their worst day since mid-July and be one of the few tech stocks to close Monday in the red amid a bullish reversal in the market – even with all its new humanoid hype.
  • There’s a new player on the EV scene that’s been garnering all sorts of attention. Chinese automaker BYD reported mega-impressive YoY sales growth for yet another month, having sold 161% more of its hybrid EVs in China than the same time last year as its momentum accelerates.
Vlad Tchompalov / Unsplash / Tesla
Aug 122022

Steering toward a solid production target

Rivian’s wheels are a lil bit stuck in the supply chain mud, but investors pull the stock out the red after seeing its target-meeting production plans.

  • Rivian shares lifted a moderate 3% in extended trading on Thursday after a successful day of trading that saw prices hit their highest level since mid-April. It came after reporting LPS of $1.62, which came in pretty much in line with estimates, on revenues that well outpaced expectations at $364m.
  • The EV brand confirmed it’s on pace to make around 25k vehicles this year, on track to achieve the reduced guidance it provided in March and relieving investors who were nervous about another forecast cut. Rivian currently has around 98k preorders for its popular R1-series truck and SUV, up from 90k orders in May.
  • However, Rivian also burned through $1.71bn in the quarter, which is especially scary for investors considering its much-lower revenues. Additionally, the company trimmed its FY outlook and said that investors should now expect a wider loss and lower capital expenditures on the way as Rivian struggles to navigate the supply crunch that’s still plaguing EV brands.
See all reported financials
Jul 072022

A Rivian reassurance

Rivian proves all the haters wrong as a production ramp-up sends it racing towards the completion of some ambitious goals.

  • Rivian confirmed it’s on track to hit its 2022 production target, which the EV maker lowered in March, from the 50k it promised in its IPO roadshow to a 25k goal as the company struggled with severe supply shortages.
  • It’s ramped up production in a big way, and it's paying off. Rivian delivered 4,467 vehicles in the second quarter, nearly four times more than the quarter before, and output jumped 72% sequentially to produce 4,401 vehicles in the quarter.
  • Rivian shares rallied over 10% on Wednesday as investors digested the good news to close just under $30, but shares are still down over 80% from their post-IPO high and Rivian has still only produced 6,954 cars YTD – so it’s got a ways to go.
May 122022

Rivian races out of the doldrums

After hitting its lowest price ever on Wednesday, shares zoomed ahead after hours when earnings promised clearer roads ahead.

  • The stock jumped 7% in extended trading on Wednesday, a much needed boost after its 30% loss this week so far, after reporting a narrower loss than expected at $1.43 per share but missing fairly dramatically with revenues of $95m. Rivian is still in the getting-going stage though, so other metrics were in the spotlight.
  • The Tesla rival now has over 90k reservations for its electric truck and SUV, up from 83k at the end of March, including 10k new orders since its March price hike (which caused quite the controversy). It may run into trouble filling those orders though, having lost a quarter of planned production since March due to a component shortage.
  • But Rivian promised its FY production is on track nonetheless. The automaker maintained its 2022 production goal of 25k despite supply challenges – this goal is already half the production it promised in its IPO roadshow, so investors are pleased there’s been no take-backsies.
See all reported financials
May 102022

Rivian is losing its OG investors

Rivian’s post-IPO stock lock-up comes to the end of its road, and shares hit a new all-time low after big dog investors decide they’re gonna get out here and catch a ride elsewhere.

  • Shares lost over 20% of their value on Monday to hit their lowest closing price ever at $22.78, taking the stock down over 87% from its post-IPO highs in November last year and 78% lower than its IPO opening price of $106.
  • Rivian’s biggest shareholders are dumping their stock. The reversal came after news hit that one of its most important corporate shareholders, Ford, is selling part of its 11.4% stake in the company – only 8m of its 100m shares, but it’s not a good sign and there could be more sales to come.
  • Why now? The lock-up agreement that required pre-IPO investors to hold their shares for 180 days has just ended, and those companies who hold shares like Amazon and Ford have all reported double-digit dents to their earnings from their stake in the EV maker thanks to its drastic YTD declines.
Apr 072022

Tough crowd

Rising EV star Rivian sees its shares shift down a gear despite its full-speed ahead production plans.

  • Rivian said on Tuesday that it’s on track to meet its 2022 production goal of 25,000 vehicles this year, a target that was slashed in half last month because of supply-chain constraints.
  • The pledge came along with Q1 delivery numbers. Rivian made 2,533 cars this quarter and delivered 1,227 of those, slowly building up momentum after starting deliveries of its R1T pickup truck at the end of last year.
  • Rivian’s production factory currently has a 150,000 annual production capacity, but the EV maker hopes to up that number to 200,000 by next year as it adds new vehicle designs to its line-ups. Will that be enough to keep the competitors at bay?
Mar 112022

Rivian runs into a roadblock

Investors swiftly tug on the parking brake after seeing Rivian’s pot-hole ridden path ahead.

🔍 Key points:

  • The stock reversed over 13% in extended trading on Thursday to find a brand new all-time low after missing on both ends with LPS of $2.43 on revenues of $54m, and reporting a meager 909 vehicle deliveries in Q4 after ramping up production.
  • Supply constraints are a speed bump to success. Rivian expects to make 25k electric trucks and SUVs this year, only half of the production it forecast to investors in its buzzy IPO last year, as it battles continued supply snags. It’s lost around $117bn market cap in the last four months because of concerns around its production capabilities.
  • Things got worse when the automaker didn’t offer a FY forecast, leaving investors to wonder if profitability is a mirage on the horizon. The earnings came on the back of a tough week for Rivian, who had to roll back its decision to hike prices after severe consumer backlash.
See all reported financials
Mar 022022

Rivian stalls on inflation

Rivian reverses after the pressure of inflation gets to the EV specialist and its vehicle prices.

Key points:

  • Rivian has increased the prices of its vehicles by around 20% as a way to compensate for rising inflation and increasing component parts, sending its share prices down over 8% on Tuesday.
  • As well as backlash from customers, Elon Musk threw shade at the company for making the move. The billionaire tweeted that Rivian’s "negative gross margin will be staggering", and said that building an affordable electric pickup truck is “near impossible” for other firms considering Tesla itself finds it difficult.
  • A bearish analyst opinion didn’t help. Wells Fargo on Tuesday reiterated its Equal-weight rating on the stock and lowered its price rating from $110 to $70, citing “near-term headwinds” including rising rates, increased competition, tough production targets, and the end of its IPO lockup period in May.

Their negative gross margin will be staggering

Feb 152022

Soros fills his tank with Rivian

Rivian backers get given some hope from a big time investor that sees potential in the struggling stock.

Key points:
  • Prices jumped 10% in Monday morning trading before slowing its roll to close up nearly 7% at $62.65, though the stock is still only $12 from an all-time low.
  • Billionaire investor George Soros made a big bet on Rivian last year with a $2bn investment into the EV start-up, even trimming his positions in big dogs like Amazon (AMZN) and Alphabet (GOOGL) to make space.
  • But is it paying off yet? Rivian’s share drop has wiped $800m off that $2bn, but the investment was likely a long-term one and gave investors hope that their faith isn’t misplaced despite recent declines.
Heinrich-Böll-Stiftung / Flickr
Jan 282022

The Tesla effect leads to reversals

EV makers go into a deep reversal after Tesla (TSLA) grinds the EV earnings gear box.

  • Rivian lost 10% to hit its lowest close since its November IPO, Lucid (LCID) dropped 14% to a three-month low, XPeng (XPEV) sank 12%, and Lordstown (RIDE) and Nikola (NKLA) both lost 9%.
  • What could cause such a sell-off? Well, Tesla’s earnings (impressive as they were) warned that their factories have been running below capacity for several quarters thanks to supply chain woes that’ll continue into 2022.
  • "Other EV firms are not going to be able to produce these vehicles as fast as they want" if even Tesla is struggling, says Curzio Research CEO Frank Curzio, adding that he thinks investors will have to wait till 2023 before seeing volume growth in new models.
Jan 112022

COO steps out the vehicle

Rivian stock deepens its mudslide after an exec steps down amid lowered production numbers.

  • Prices slipped 5.61% on Monday to a new closing low, now down nearly 19% from its IPO closing price and 55% from its post-IPO November highs.
  • It manufactured 1,015 cars in 2021 and delivered 920, in line with the lowered guidance it offered last month after supply chain constraints left tire marks.
  • Separately, it dropped off its COO Rod Copes after less than two years in the front seat. Copes made a staged exit to keep things running smoothly during the company’s supposed production ramp up.
Jan 062022

Rivian gets run off the road

Rivian flirts with an all time low after its pal Amazon (AMZN) gets a new ride.

  • Prices tumbled 11% on Wednesday for its biggest daily drop since November, closing below its IPO price and coming within a few cents of its all time low.
  • Amazon (AMZN) (a big Rivian backer) snubbed the automaker by ordering a bunch of electric vans from rival Stellantis (STLA). Amazon claims the collab “doesn't change anything” about its relationship with Rivian.
  • The number of EV makers is growing every day. USA Truck (USAK) just picked competitor Nikola (NKLA) as its electric truck supplier, so Rivian better keep its foot to the floor if it wants to keep up.
Dec 292021

Yet another delay

Rivian has delayed deliveries of its electric pick-up and its big battery pack SUVs to 2023, CEO RJ Scaringe said yesterday.

  • It’s not great news, and the stock fell 3.94% in response (after jumping over 10% on Monday).
  • But the firm still has 71k SUV orders, most of which are for its smaller batter pack model, says Scaringe, along with 100k orders for its electric delivery van from Amazon, so the future is still bright.
  • It’s apparently looking to build a new £1bn gigafactory in Somerset, UK, although nothing has been confirmed yet.
Sacha T'Sas
Dec 172021

Rivian ruffles some feathers

Rivian releases its first earnings as a public company and shares hit the brakes hard.

  • The stock tumbled 10% after hours on Thursday after sinking over 5% in day trading.
  • Losses per share of $12.21 came in wider than expectations of $5, while revenues of $1m came in on par with estimates. But as a company without any real sales to speak of yet, investors had eyes on other metrics.
  • Rivian cut its vehicle production expectations for 2021, saying it’ll be a “few hundred vehicles short” of its 1,200 vehicle target, thanks to supply chain constraints – it’s produced 652 R1T and R1S so far (the first was only in September).
  • Despite production problems, vehicle reservations are up. It has 71k total reservations for its electric pickup and SUV, up 28% from its November tally of 55k and higher than investors expected.
  • It’s building a $5bn plant in Georgia using IPO cash as it looks to ramp up production and meet its target of 400k vehicles a year.
  • It’s still in a growth phase. It expects capital expenditures of around $8bn in the next two years, and some analysts don’t predict a profit until 2025 at the earliest.
See all reported financials
David Clode / Unsplash
Dec 152021

Electric blues

Rivian gets some good news, but it’s overshadowed by a judge nudging on its battle with Tesla.

  • Rivian was up 1.19% pre-market on Tuesday but stumbled on some bad press to close the day down 1.48%.
  • Its R1T pickup was named Truck of the Year by MotorTrends, getting called “the most remarkable pickup truck we’ve ever driven” and beating out the likes of GM (GM) and Ford (F) for the spot.
  • Its trade secrets fight with Tesla (TSLA) took a turn, taking prices down with it. Tesla says employees stole documents when they defected to Rivian, and a judge is asking for proof.
Dec 072021

Prices hit the accelerator

Rivian ratings arrive and kick prices into high gear after going down a rocky road last week.

  • Rivian roared 11% on Monday, a welcome change of direction for investors after prices hit their lowest price since their IPO on Friday.
  • Over a dozen analysts initiated largely positive coverage of the stock, citing its promising Amazon partnership and pioneering electric pickup as indicative of its “caliber as an organization.”
  • Wall Street thinks it could take on Tesla. Its early Buy rating ratio is 67% compared to Tesla’s 48%, and Morgan Stanley says it’s “the one” to watch.
Dec 062021

The U.K. woos an EV giant

The U.K. has been watching all the fun Rivian is having Stateside, and it wants a piece of the action.

  • PM Boris Johnson has offered Rivian a sweet deal to choose the U.K. as the home of its upcoming £1bn factory, ​​including a new motorway junction and training facilities.
  • It’s spent every week since its IPO in the red, closing Friday at $104 after hitting highs of $179 in its IPO week. But Boris is undeterred, and he’s not the only one.
  • Morgan Stanley thinks Rivian is “the one that will finally take on Tesla’s unrivalled dominance.
Nov 252021

Racing the delay

Rivian is facing more vehicle delays, sending the stock into reverse after an IPO joyride.

  • Prices were down 4.17% on Wednesday to close at $114.85, now down 36% since its blockbuster IPO sent shares rallying 130% in five sessions to hit highs of $179 last week.
  • Further delays are behind the decline. Deliveries for its all-electric pickups have been pushed to spring after already facing timeline delays from October to February. Taking a book from Elon’s book, we see...
  • It’s already announced plans for a second factory to reduce further delays, flush with the $100m it earned in its debut.