RIVN - Does Rivian's Recent Surge Make It a Buy Now?
2024-07-16 04:36:00 ET
If you were lucky, or perhaps savvy, enough to invest in Rivian (NASDAQ: RIVN) three months ago, you'd be sitting on a healthy 93% gain. The company recently inked a potentially massive investment by Volkswagen , and topped forecasts for deliveries. Let's dive into these developments and see if the recent surge marks a solid time to buy into the electric vehicle (EV) maker.
Rivian just landed a deal that Fisker had previously dreamed of before the latter entered bankruptcy. Rivian and Volkswagen entered into a joint venture to create next-generation software-defined vehicle platforms to be used in both companies' EVs.
Volkswagen is putting its money where its mouth is and will invest an initial $1 billion in Rivian, with up to an additional $4 billion planned through 2026. The investment will help support Rivian's production of its R2 electric SUV and a new mid-size electric vehicle to help "secure our capital needs for substantial growth," according to Rivian.
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Does Rivian's Recent Surge Make It a Buy Now?