Rivian Cars (NASDAQ: RIVN) traded at record lows on Tuesday, even as the company pushed ahead with its growth plans for 2024 and beyond.
The electric car maker released its latest software update this week, which includes charging points for fast charging. website to allow drivers to filter out problematic stations, in-app messaging and service center during appointments, rear display enhancements and navigation feedback.
There were also positive developments on the Amazon ( AMZN ) scene, with news that the e-commerce giant has installed more than 17,000 chargers in about 120 warehouses across the U.S. Amazon ( AMZN ) is now the largest operator of private car charging infrastructure . in the country, according to Inside the EVs. Of course, Amazon (AMZN) is an investor in Rivian (RIVN) and has a standing order for 100K EV delivery vehicles, of which only about 13,500 have been delivered so far. In particular, reports indicate that some of the initial growing pains of servicing Rivian ( RIVN ) EVs have been worked out. Amazon ( AMZN ) holds a position in Rivian ( RIVN ) of more than 158 million shares, or about 16.6% of all outstanding shares.
On Wall Street, UBS raised its rating on Rivian Automotive ( RIVN ) to Neutral from Sell on what it sees as a more balanced risk-reward profile after the stock’s strong selloff. “The near-term catalyst could be if there is a positive update on R2 orders that could strengthen what Rivian can be, even if that growth is more likely in 2026/27,” analyst Joseph Spak noted. “Near-term drivers for the shortfall could be a reduction in the R1 price and/or soft R1 demand (although we believe this is well-considered at current levels, we see upside risk) as well as higher interest rate concerns,” he added.
Seeking Alpha analyst Li Eason is bullish on Rivian Automotive (RIVN). Eason noted in a recent article that RIVN is trading at a lower price than Tesla (TSLA).
Rivian Automotive (RIVN) shares acquired 3.27% in Tuesday morning action to $8.62. Shares of EV carved a new 52-week high of $8.26 earlier in the session.