This Tesla Competitor Targets 10% EV Market Share By 2030

This Tesla Competitor Targets 10% EV Market Share By 2030
  • Amazon.com Inc AMZN backed Rivian Automotive Inc RIVN is "making progress" in raising EV production at its Normal, Illinois, assembly plant, CEO R.J. Scaringe said, Reuters reports from Wolfe Research conference.
  • The Tesla Inc TSLA competitor aims to win a 10% share in the EV market by 2030.
  • Scaringe said Rivian had replaced some chipsets in certain parts with other chipsets that are easier to get.
  • He admitted that the global shortage would be a factor through the rest of the year.
  • Rivian was building a pilot line for in-house production of battery cell production and plans to co-invest with a supplier on production.
  • Price Action: RIVN shares traded lower by 1.93% at $62.48 in the premarket on the last check Friday.

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