Rivian’s Amazon delivery vans are rolling into Deutschland, and taking its stock for a joyride. The company announced that more than 300 electric vans will be delivered to a number of German cities, including Munich, Berlin, and Dusseldorf. The news, along with its promising second quarter results, made the stock price pop more than 14% on Monday (July 3). Today (July 5), the stock is up 3.9% in pre-market trading.
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The electric carmaker’s public debut in November 2021 was one for the books, when it surpassed General Motors (GM) and Ford in market cap. But since reaching that early peak, the stock has been falling, losing about 90% of the November 2021 value, as Rivian repeatedly failed to meet expectations because of production snags and other supply chain issues. Last month, Rivian was dropped by the Nasdaq 100 owing to its diminishing value over months of muted gains.
Still, analysts have steadfastly believed Rivian is poised to become one of the major players over the next decade, alongside the likes of EV makers Fisker and Lucid. According to Jordan Levy, an analyst at Truist Securities, performing Amazon deliveries helps Rivian not only on the brand recognition front, but also in accumulating data through those deliveries that can inform the company’s software.
Charted: Rivian’s stock ups and downs in the last year
Rivian’s Amazon and other orders, by the digits
100,000: Vans Amazon—Rivian’s largest shareholder and biggest customer—has ordered to be delivered by the end of the decade
3,000: Rivian vans Amazon has already deployed across cities across the US
10,000: How many vans Rivian said it would deliver to Amazon by the end of last year, but then fell short of the target
13,992: Rivian’s production at its Normal, Illinois factory in the quarter ended June 2023, which beat Wall Street estimates of closer to 11,000
12,640: Vehicles Rivian delivered to customers during the second quarter, compared with 4,401 in the same quarter of 2022
50,000: Vehicles Rivian doubled down on producing this year, more than doubling output from a year ago
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