TECH - Tesla Investor Shows Love For Battered Rivian: 4 Reasons Why He Is Positive About The EV Maker | Benzinga
Rivian Automotive, Inc. (NASDAQ:RIVN) stock was down over 8% intraday on Friday, over and above the 25.60% loss it incurred in the previous session on back of dismal 2024 production guidance.
Tesla investor and Future Fund co-founder and Managing Partner Gary Black on Thursday defended the company as one that can potentially become the number two electric-vehicle maker, behind the Elon Musk-led company.
Potential To Be Number 2: Black called upon Tesla investors to root for a strong number-two non-ICE player to help the company to accelerate the world’s transition to sustainable energy. The fund manager said Rivian has a high quality product, brand recognition, execution skills, lack of legacy ICE baggage, and competitive conditioning.
Rivian can happily co-exist with Tesla to be that strong number-two player by 2030, he said. Rivian’s brand took the top honors in owner satisfaction, based on Consumer Reports’ survey, with 86% of customers saying they would buy it again, he noted.
Black also ...