Rivian Automotive (NASDAQ: RIVN) stock plummeted during intraday trading Friday, reversing earlier gains made during the week after announcing a partnership with Volkswagen and hosting its investor day.
On Thursday, Rivian held its investor day and provided several key updates. The electric vehicle (EV) startup announced that it expects second-quarter vehicle production to range between 9,100 and 9,300 units, reaching 57,000 vehicles produced in 2024. The company also shared its plan to launch its R2 model EV in the first half of 2026.
Rivian CEO RJ Scaringe expressed excitement about Rivian’s new partnership with Volkswagen, emphasizing that the collaboration creates greater flexibility within Rivian’s platform. Scaringe also underscored the company’s achievements in optimizing production efficiency and reducing costs. Rivian reported a notable 35% reduction in material costs and a 30% increase in production plant efficiency, reflecting its commitment to operational excellence.
Following the investor day, several analysts updated their coverage on Rivian Automotive:
- Daniel Ives, the analyst at Wedbush, maintained an Outperform rating and raised the price target from $15 to $20.
- Cantor Fitzgerald reiterated its Overweight rating and increased the price target from $15 to $19.
- Ryan Brinkman, the analyst at JP Morgan maintained an Underweight rating but raised the price target from $10 to $14.
- Needham reaffirmed a Buy rating and increased the price target from $13 to $20.
- Adam Jonas, the analyst at Morgan Stanley, maintained an Overweight rating with a $13 price target.
Rivian (NASDAQ: RIVN) Stock Reaction
RIVN stock plunged 7.26% on Friday, closing at $13.42, marking a 30.04% increase for the week. The trading volume was 88,110,272 shares, significantly higher than the average daily volume of 42.96 million.
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