Rivian Automotive, Inc. RIVN shares are trading higher Tuesday, adding to gains of more than 45% over the past month. Here's a look at what's been going on.
What To Know:
Rivian kicked off the month with its CFO, Claire McDonough, sharing new information at the Barclays 2023 Global Automotive & Mobility Tech Conference regarding the company's development of a cheaper and simplified battery pack structure to be used in future R1 EVs.
McDonough noted in the interview that Rivian expects to become gross margin positive in 2024.
Shortly thereafter, Rivian announced a deal with AT&T for the purchase of Rivian Commercial Vans and R1 electric vehicles in early 2024. AT&T is hoping the vehicles will improve safety, reduce costs and cut its carbon footprint.
On Friday, a drone video posted on YouTube by Devon Neff showed extensive rows of Rivian's electric vans being readied for delivery. The footage suggests production has increased in recent months as Rivian anticipates increased orders from companies beyond Amazon.
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RIVN Price Action: According to data from Benzinga Pro, Rivian shares are trading above the stock's 50-day moving average of $18.14. The EV stock was up 2.97% at $23.90 at the time of publication.
Image: Courtesy of Rivian Automotive, Inc.
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