Rivian Beats on Delivery Estimates, Analysts rate “Strong Buy”

Rivian Beats Forecasts

Rivian, the electric vehicle (EV) startup backed by Amazon and Ford, has announced that its Q1 deliveries have topped estimates for the quarter, and that its annual production forecast is still on track. The company revealed that it delivered 7,946 vehicles for the quarter, exceeding the the forecasted  estimates of  over 7,700. The company also produced 9,395 vehicles, which beat estimates of 8,752 vehicles. Rivian currently produces two consumer vehicles, the R1T and R1S, as well as the EDV electric delivery van.

Rivian’s first quarter delivery beat is an encouraging sign for the EV sector, which has been under pressure in recent months due to component shortages and production issues. The company is currently on track to deliver on its annual production guidance of 50,000 vehicles, which it provided during its Q4 earnings report. Rivian produced slightly less than 25,000 vehicles in 2021, as it suffered from component shortages and production issues at its sole plant in Normal, Illinois.

On the commercial front, Amazon, which is both an investor and client of Rivian, revealed that it now has a fleet of 3,000 Rivian EDV vans in use. Although the original Amazon deal with Rivian called for 100,000 electric delivery trucks by the end of 2030, the two companies were reportedly in talks to end their exclusive agreement.

Rivian’s positive delivery beat for Q1 is a positive piece of news for the EV sector, following Tesla’s delivery and production beat. China’s Li Auto, Nio, and XPeng have also reported strong delivery numbers for the month of March. Rivian’s ability to meet its production targets and deliver vehicles to customers is a promising sign for the EV sector, which is looking to establish itself as a viable alternative to traditional gasoline-powered vehicles.

Rivian’s Q1 delivery beat and its continued focus on meeting its annual production forecast is good news for the EV sector, which has been facing challenges in recent months due to component shortages and production issues. Rivian’s ability to deliver vehicles to customers and meet its production targets is a positive sign for the sector, and could help to drive further growth and innovation in the years ahead.

RIVN Stock Forecast & Analysis

According to the stock forecasts from 29 analysts, the average analyst target price for Rivian Automotive Inc is USD 35.10 over the next 12 months, which represents a significant upside potential from the current stock price of USD 15.48. Additionally, Rivian Automotive Inc’s average analyst rating is a “Strong Buy”, indicating that analysts are optimistic about the company’s prospects.

Stock Target Advisor’s analysis has given the company a Neutral rating, which is based on 3 positive signals and 3 negative signals.

Looking at the recent performance of Rivian’s stock, it is clear that it has experienced significant volatility over the past year. The stock price has changed by +13.66% over the past week, which may be attributed to the positive news regarding Q1 deliveries and production. However, over the past month, the stock price has decreased by -1.53%, indicating that there may be some short-term challenges facing the company. Over the last year, the stock price has decreased by -66.67%, which may be due to a range of factors, including the broader market downturn for EV companies, as well as supply chain and production issues that have affected Rivian.

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