Rivian Automotive (NASDAQ:RIVN) is getting attention on Wall Street. Its stock price went up more than 12% after analysts from Benchmark gave it a Buy rating and an $18 price target. This means they think the stock could rise by 24%. People are excited about Rivian because it has strong partnerships with Amazon and Volkswagen. The company plans to make money by the end of 2024.
Rivian is also working hard to grow. This week, it started a new EV charging network with lounges and off-road charging stations. The company is also getting a $6.6 billion loan to help build its plant in Georgia. This will help Rivian make more affordable electric SUVs. It has a lot of money to invest—$6 billion—so it can grow its operations and develop new products.
However, Rivian’s stock is still down over 38% this year. Some people worry about its ability to make money in the long term. But if Rivian can succeed with its plans, it might become a major player in the EV market. Investors should keep an eye on Rivian.
This article first appeared on GuruFocus.
Vocabulary List:
- Automotive /ˌɔː.təˈmoʊ.tɪv/ (adjective): Relating to or concerned with motor vehicles.
- Partnerships /ˈpɑːrt.nər.ʃɪp/ (noun): The state of being partners; associations or joint ventures.
- Affordable /əˈfɔːr.də.bəl/ (adjective): Inexpensive; reasonably priced.
- Invest /ɪnˈvɛst/ (verb): To put money into something to earn a profit or achieve a result.
- Succeed /səkˈsiːd/ (verb): To achieve the desired aim or result.
- Market /ˈmɑːr.kɪt/ (noun): A place or arena in which commercial dealings are conducted.
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