07.03.23
I summarized Rivian's Delivery and Financial history in the last post, last quarter,
Check it out to catch up to date
https://www.myteslaconviction.com/post/rivian-update-march-30-2023.
Rivian announced Q2, 2023 Deliveries and it is very impressive.
The stock ended the day with a 17.4% jump.
Rivian delivered 12.64k BEV vehicles in Q2, 59% more than Q1 and 15% above the 11k expected, and Produced 14k.
This puts Rivian very likely "in the money" for the full year 2023, the 50K company's target. Although with an expected ramp-up in Q3 and Q4, they are likely to exceed it.
Rivian recently announced they are prioritizing the production R1S SUV over the R1T Pickup,
due to high demand and being the only full-size 7-seater BEV SUV in the market.
The basic R1S starts below $80k and therefore could qualify for the $7500 rebate,
Income is limited, on Purchase and financing, however,
as all BEVs and PHEVs through the weird Lease loophole, are now qualified with no limits on Lease.
Rivian quick stock roundup history:
- IPO in November 2021 - $78
- Quickly reached same month - $172
- Lowest ever April 2023 - $12
- Current July 2023 - $19.5 (still 89% below ATH, 75% below IPO)
Rivian is still losing a lot of money, However, Q4 Net losses were $1.72B, Q1 was $1.35B, and Q2 based on a 59% boost in deliveries could be much lower.
They have around $12B in cash and they seem to ramp up nicely, which is extremely crucial to reducing losses and eventually within 1-2 years, crossing into profitability which might cause the stock to skyrocket similar to TSLA in 2020 when it crossed into profitability convincingly.
Today was a good day for EV stocks in general. Also, Tesla and Chinese Trio + BYD reported very good Q2 deliveries in the face of overinflated, misleading, IMO, "EV demand concerns".
Warning, the EV hype might be back: Of course, these specific companies' good Q2 results tend to overhype the whole sector by association only like LCID, even pre-revenue stocks like FFIE, FSR, LEV, WKHS, GOEV, ARVL, SOLO, IDEX, and others have gone up dramatically today for no fundamental reason. #Tesla #TSLA #Rivian #RIVN
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