The massive opportunities in front of Rivian Automotive Inc (NASDAQ:RIVN) outweigh the challenges, according to stockbroker Wedbush. Rivian reports on its fourth quarter after Wednesday’s market close, with revenue expected in the order of US$724mln leading to a US$1.96 per share loss anticipated. Operationally, the electric vehicle maker saw production just below 25,000 units and reserves are reckoned around 114,000, up from 98,000 at the end of its first half. Wedbush says Rivian is set for “a big moment” amidst growing competition in the sector. “After this brutal rollercoaster ride since its IPO given the macro backdrop, execution issues, a recall in production, a 48 hour price increase and then taken back, and supply chain issues, Rivian is just beginning to turn the ship around as management has wrangled the company together with production numbers just now finally starting to meet Street expectations,” Wedbush analyst Daniel Ives said in a note. “The Street will ultimately be focused on what production and delivery factors will look like into FY23 as the company capitalizes on its existing demand with the 2023 delivery numbers of around 60,000 unit deliveries looking hittable. “With US$13bn of cash in the treasure chest its all about […]
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