RIVN - 3 Reasons to Buy Rivian Now
2024-06-14 03:03:00 ET
There are plenty of reasons to be pessimistic about the electric vehicle (EV) industry now, but that could also make it a perfect time to buy in while stock prices are depressed. To be fair, not every EV investment is going to pan out as many companies are in a cash crunch or worse. Rivian, (NASDAQ: RIVN) however, is in a better position than many competitors, and here are three reasons buying now makes sense.
While production and deliveries are expected to remain flat this year compared to 2023, there are reinforcements on the way. In 2026, Rivian expects to roll out its R2 crossover, which will be more competitively priced.
But that's just part of the story. The company moved initial production from its next factory, in Georgia, to its original factory in Illinois. The move saves the company roughly $2.25 billion dollars, will speed up its launch schedule, and soak up excess-production capacity in its original factory. It's a no-brainer move that will pay huge dividends to the company if the R2 is as much of a hit with consumers as hoped.
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3 Reasons to Buy Rivian Now