Wedbush Analyst Dan Ives views Elon Musk‘s Tesla Inc (NASDAQ:TSLA) rival Rivian (NASDAQ:RIVN) as “one of the core EV players over the next decade,” Electrek reports.
The company’s Q2 performance saw delivery of 12,640 vehicles, a 50% increase from the previous quarter. This surpassed the anticipated 11,000 deliveries.
Rivian’s CEO RJ Scaringe emphasized the firm’s enhanced profitability and capital efficiency. As production scales, Rivian is refining its manufacturing processes and introducing in-house components like the Enduro drive trains and LFP battery packs to cut production costs.
Consequently, the gross profit per vehicle in Q2 improved by $35,000. With these advancements, Rivian has upped its annual production target to 52,000 vehicles, more than double from last year.
After a three-month rally, the company’s stock is down 16%, but it remains 25% up in 2023. However, it’s still 87% below its peak after its November 2021 IPO.
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