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Stock impact report

How Irvine EV maker Rivian plans to navigate a bumpy ride [Los Angeles Times (CA)]

Rivian Automotive, Inc. (RIVN) 
A $5.8-billion joint venture with Volkswagen Group that closed this month extended a lifeline for the EV maker, giving it capital to develop cheaper vehicles beyond its pricey SUV and R1T pickup truck. Lars Dennert paid $100,000 for a forest green Rivian R1S, an electric SUV he enjoys driving on family road trips to the beach, snow and desert. This year, he raised his wager on Rivian's future, spending at least $10,000 on Rivian stock, which has hardly been a winner. “I'm hoping for another Tesla, that down the road [Rivian] will prosper and their stock price will reflect that,” said the Pasadena resident, 56, who works in real estate development and property management. It's fans like Dennert that the Irvine company is counting on as it tries to navigate a rough road to profitability. Rivian Automotive Inc. sold about 50,100 vehicles last year, boasting that its R1S is the best-selling SUV in California in the above $70,000 price category. The company also makes pickups an Show less Read more
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