Rivian Automotive (RIVN) Extends Run to 10th Day Ahead of R2 Launch

Rivian Automotive Inc. (NASDAQ:RIVN) is one of the 10 Stocks With Remarkable Resilience.

Shares in Rivian Automotive extended its winning streak to a 10th straight day on Wednesday, jumping 5.67 percent to close at $18.27 apiece, as investors resumed buying positions ahead of next week’s official launch of its R2 sports utility vehicle, supported by Uber Technologies Inc.’s earlier agreement to purchase a huge chunk of the deliveries.

On Tuesday, June 9, Rivian Automotive Inc. (NASDAQ:RIVN) is slated to launch the new R2 vehicle, which was designed to be more compact and a more accessible alternative to the flagship R1S.

The R2. Photo from Rivian Automotive

Catering to the masses, the company deems its addressable market “enormous,” pushing it to expand its annual production to 215,000 units.

Earlier this year, transportation network giant Uber Technologies Inc. announced a $1.25-billion investment in Rivian Automotive Inc. (NASDAQ:RIVN), to support the development of R2 robotaxis through 2031.

The agreement involved Uber’s purchase of 10,000 R2 robotaxis with the option to purchase up to 40,000 more in 2030. The vehicles will be available through the Uber platform.

Of the total, an initial $550 million will be invested this year, including $300 million in the second quarter, to be followed by an additional $250 million later this year, both subject to certain conditions.

Across its entire vehicle portfolio, Rivian Automotive Inc. (NASDAQ:RIVN) is targeting to grow deliveries by 46.7 percent to 58.6 percent to a range of 62,000 to 67,000 units, versus the 42,247 vehicle deliveries posted last year.

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