Why Rivian Shares Jumped Heading Into Earnings Today
Rivian Automotive (NASDAQ: RIVN) has been an EV company stock unlike many others. The company had the backing of well-known names like Amazon and Ford while it was still private and had a highly successful initial public offering that raised almost $12 billion. After the market closes today, Rivian will announce its quarterly earnings for the fourth time as a public company. Investors seem optimistic, trading Rivian stock up 4% as of 1:40 p.m. ET.
It's a critical time for early-stage EV companies like Rivian as they work to ramp up production in an environment of rising raw material costs and a slowing U.S. economy. Investors are most looking forward to what Rivian says about its production plans through the balance of the year.
Rivian's shares have soared more than 70% off recent lows over the past three months. But investors became wary of how early-stage EV companies will overcome macroeconomic headwinds since Lucid Group slashed its 2022 production estimates in half earlier this month. It's clear Lucid and Rivian are in different markets, as Lucid makes luxury sedans and Rivian's R1 platform pickup truck and SUV are more geared toward off-road and adventure seekers.
Source Fool.com
