RBC Capital analyst Joseph Spak released a new note on Thursday reiterating the $77 price target and the Outperform rating on Rivian Automotive shares. The analyst expects Rivian to deliver 3,600 vehicles in the second quarter, slightly above the consensus estimates.
“We expect RIVN to report 2Q22 deliveries in early July. Current 2Q22 Visible Alpha consensus stands at 3.5k (RBC at 3.6k). Based on our RBC Elements powered normalized foot traffic data which attempts to track the pace of production at RIVN’s Normal plant, we believe current expectations for 2Q22 deliveries look very reasonable. Further, we believe the current pace of production may be back near the highs.”
Earlier this week, Rivian announced that opened three fast charging sites this week in Colorado and California, “the first deployments in its nationwide Rivian Adventure Network”.
In March 2021, the electric vehicle maker had said that its ambition for the Adventure Network was to have over 3,500 fast chargers at more than 600 sites by end of 2023. With the first sites being launched in mid-June, Rivian would have to build 597 sites with more than 3,400 fast chargers in 18 months to meet the initial goal. On its official website, the automaker deleted the end of 2023 goal giving no exact timeframe for the Adventure Network plan.
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In mid-June, the company unveiled its plans for a large-scale wind turbine at its Normal manufacturing campus to provide clean energy enabling new R1 vehicles to be powered by renewables for their first charge. Earlier this year, Rivian had installed a 783-kilowatt solar canopy that is scheduled to begin generating electricity later this summer.
The wind project aligns with Rivian’s strategy of adding renewable resources to parts of the country that need them most Illinois’ grid is powered by 11% renewables and aims to reach net-zero carbon emissions by 2040, 10 years ahead of the Paris Agreement, the company stated.
Recently, Rivian Automotive Field Specialist Patrick Sarsgard unveiled that the EV manufacturer just opened a new service center located in Boston. In the same post, Sarsgard said that the U.S. electric vehicle maker is “actively delivering on the East Coast”. During Q1 2022 Earnings, Rivian reiterated its forecast to produce 25,000 vehicles in 2022.