Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Rivian's Q2 Output Beat Seen as ‘Important’ at Goldman Sachs

Stock Markets Jul 07, 2022 19:08
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Senad Karaahmetovic

Electric vehicle (EV) maker Rivian Automotive (NASDAQ:RIVN) announced Wednesday it had produced over 4,000 vehicles in Q2 2022 and said it expects to meet its target to make 25,000 cars this year.

The company said it made 4,400 R1T pickups and R1S SUVs in the quarter, while 4,467 vehicles were delivered during the period.

Last year, Rivian said it estimated to make 50,000 EVs in 2022 but the company slashed that forecast in half earlier this year due to global supply chain constraints, which have “added a layer of complexity” to its efforts to boost production.

Goldman Sachs) analyst Mark Delaney said the Q2 deliveries beat is important as it “reduces the degree of acceleration needed in 2H to meet full-year production guidance, and will also likely give investors more confidence that the company can grow deliveries further in the intermediate- to longer-term.”

“While we believe supply chain challenges, particularly for semiconductors, continues to limit production for both Rivian and the industry more broadly in the near-term, we expect some gradual improvement in semiconductor availability over the summer, a more meaningful increase later in 2022, and further improvement in 2023,” Delaney added.

As a result, the analyst hiked his CY22 delivery estimates to 23.5K vs. 22K prior.

Shares of Rivian surged over 10% on the news, closing the Wednesday session at $29.66 per share.

 

Rivian's Q2 Output Beat Seen as ‘Important’ at Goldman Sachs
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email