EV Market Sees Significant Slowdown
The electric vehicle (EV) market is experiencing notable challenges, as U.S. EV sales fell by 27% year-over-year in the first quarter of 2023. Rivian Automotive (NASDAQ: RIVN) reported a 30% decline in its stock value year-to-date, trading just below $14 per share. Despite this, analyst Mickey Legg projects a potential upswing for Rivian, setting a price target of $25, suggesting a possible 78.6% increase.
Rivian’s first-quarter revenue of $1.4 billion reflects an 11% increase from the previous year, with deliveries climbing 20% to 10,365 vehicles. The company is preparing to launch its mass-market R2 model, expanding production capacity at its Georgia plant from 200,000 to 300,000 vehicles annually. Additionally, Rivian has secured a deal with Uber Technologies for the delivery of 50,000 autonomous vehicles, involving an equity investment of up to $1.25 billion from Uber.
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