Tesla challenger Rivian's market value almost doubled in 2 weeks as its stock price hit a 2023 high
As recently as in April, the electric-vehicle manufacturer's shares had hit a record low of $11.68 apiece, marking a 90% crash from 2021 peaks, as the company struggled with production and supply-chain hurdles.
Investor sentiment on the company has turned bullish after it reported second-quarter EV sales that exceeded Wall Street estimates. Rivian delivered 12,640 vehicles for the period – topping analysts' estimate for 11,000 – and that puts the firm back on track to achieve its overall 2023 production target of 50,000 vehicles,This news may turn the tide for Rivian after a torrid first half of 2023 plagued by production delays and supply-chain issues.
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