Rivian is expected to report on Thursday its first drop in quarterly revenue since going public three years ago, after a shortage of parts forced the maker of electric SUVs and pickups to slash its 2024 production target last month.
Here's what Rivian could say on Nov. 7 to spark a rally in the stock.
Rivian Automotive RIVN is slated to release third-quarter 2024 results on Thursday, after market close. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a loss of 89 cents a share on revenues of $970.7 million.
Rivian shares are down 21% due to supply chain issues and demand problems, leading me to downgrade to a "hold" rating. The Volkswagen deal is crucial, with $2 billion in performance-based funding at stake, pivotal for Rivian's long-term viability. Rivian's Q3 earnings report will be critical in assessing their ability to navigate losses and secure further funding.
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EV sales are growing slower than expected, putting pressure on start-ups like Rivian.
The electric vehicle start-up will be giving investors an important update.
Rivian Automotive (RIVN) reachead $10.39 at the closing of the latest trading day, reflecting a -0.76% change compared to its last close.
VW's new offshoot EV company Scout Motors, which revealed its first two vehicles last week, will use the software and zonal architecture being developed by the joint venture between Rivian and the Volkswagen Group.
An investment firm is taking a more cautious stance on sales expectations for Rivian this year.