Rivian Automotive Inc. drew praise from at least two analysts on Wednesday as its stock rallied in premarket trades on the electric vehicle maker's joint venture with German care giant Volkswagen.
Rivian Automotive (RIVN) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
24/7 Insights Volkswagen's $5 billion investment in Rivian Automotive Inc.
Electric vehicle maker Rivian Automotive, Inc. RIVN is poised to extend its gains on Wednesday, with the upward momentum likely accelerating. Rivian announced Tuesday plans to form an equally controlled and owned joint venture with Volkswagen AG's VWAGY U.S. subsidiary to create next-generation electrical architecture and best-in-class software technology.
With the impressive gains Rivian Automotive (NASDAQ: RIVN) has experienced in the pre-market by adding almost 50% to its price, the news has quickly gripped the EV investor community.
Just as the rest of the electric vehicle (EV) sector, Rivian (NASDAQ: RIVN) recorded a negative performance on a year-to-date basis, losing 43% of its stock value in the process.
Rivian stock soared over 40% after hours.
Volkswagen shares declined after the German automaker announced a joint venture with Rivian Automotive to develop vehicle software, evidence of the moves the company is making to bolster its technology.
Both Carnival and FedEx beat earnings today, while Rivian got a major partner in VW, and NVIDIA returned to being NVIDIA.
Shares of Rivian (Nasdaq:RIVN) are exploding higher today, up nearly 9% during the day and hovering around 40% after hours on the news Volkswagen will invest $1 billion in Rivian, with plans to increase this amount to $5 billion.
VW Group invest $1 billion into EV startup Rivian as part of a software development deal that could expand to as much as $5 billion.
After encountering some rough trading sessions, electric vehicle (EV) manufacturer Rivian Automotive (NASDAQ: RIVN ) enjoyed a strong performance on Tuesday. Part of the sentiment may be attributed to Guggenheim.