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Rivian’s Stock Performance
Rivian Automotive (NASDAQ: RIVN) is facing significant challenges, with its stock down over 80% from its all-time high of $172.01 shortly after its IPO in November 2021, where it opened at $106.75. Current trading prices hover around $13. Despite a forecast of 50,000 vehicles for 2022, the company produced only 24,337 and delivered 20,332, largely due to supply chain issues.
2023 Production Updates
In 2023, Rivian improved its production, delivering 50,122 vehicles and producing 57,232. However, it expects deliveries to slow down again, projecting only 40,000 to 46,000 vehicles for the year. Analysts are forecasting a revenue increase from $4.43 billion in 2023 to nearly $7 billion in 2026, driven by the upcoming R2 SUV launch and improved sales strategies.
Future Outlook and Valuation
Rivian has a current market capitalization of $15.9 billion, trading at over two times expected 2024 sales. The company’s performance is under scrutiny as it prepares for the launch of the R2 SUV in 2026, which could be crucial for its recovery and growth in the competitive EV market.
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