Rivian Tops Tesla Gains In Premarket Trading: What's Powering EV Stock Higher?
This newswire item may be of interest. Here is a section:
Kelley Blue Book sales data gathered from the state Registry of Motor vehicle showed registrations of 8,145 Rivian vehicles in the first quarter, analyst Chris Pierce said, citing information from Cox Auto’s first-quarter 2023 “Industry Insight Calls.” This compares to the consensus estimate of 7,167 vehicles, he added.
The analyst also noted that first-quarter used vehicle data showed that fewer used Rivian vehicles were on sale relative to Lucid Motor Group (NASDAQ:LCID) and Ford Motor Co.’s (NYSE:F) Lightning EV pickup truck, which is a direct competition to Rivian’s R1T pickup truck.
Rivian has a market cap of $13 billion and had $11.5 billion in cash at the end of last year. The improvement in sales suggests the run rate on its loss is unlikely to accelerate which supports the view it will not go bust this year. That gives the share some optionality to the view it might well survive if production can successfully be ramped up.Click HERE to subscribe to Fuller Treacy Money Back to top