Shares of Rivian Automotive Inc rose 7 per cent on Wednesday as its positive earnings stood out in a poor quarter for electric-vehicle startups, but analysts warned that stiff competition will be a hurdle in its path to profitability.The company looked set to add nearly $800 million to its market valuatio
Shares of Rivian Automotive Inc rose 7 per cent on Wednesday as its positive earnings stood out in a poor quarter for electric-vehicle startups, but analysts warned that stiff competition will be a hurdle in its path to profitability.
Graphic: Rivian quarterly loss drops to lowest in over a year Rivian quarterly loss drops to lowest in over a year - https://www.reuters.com/graphics/RIVIAN-RESULTS/gkvlwknaapb/chart.png "We continue to like the truck, but not necessarily the stock and the headlines that may be ahead," said Michael Shlisky of D.A. Davidson, who was among the 10 analysts that lowered their price target on a stock that has declined 25 per cent this year.
The Amazon-backed company made 9,395 vehicles between January and March, which equates to about 2 per cent of the 440,808 produced by Tesla in the same period.
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