Written by Cláudio Afonso | info@claudio-afonso.com
Rivian Automotive announced on Wednesday that will hold the 2022 Annual Meeting of Stockholders on June 6 via live webcast. The shareholders will be able to submit their questions and the five themes in discussion are:
1 – To elect Robert J. Scaringe, Peter Krawiec, and Sanford Schwartz as Class I Directors to serve until the 2025 Annual Meeting of Stockholders, and until their respective successors shall have been duly elected and qualified;
2 – To ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022;
3 – To approve, on an advisory (non-binding) basis, the compensation of our named executive officers;
4 – To approve, on an advisory (non-binding) basis, the frequency of future advisory votes on the compensation of our named executive officers;
5 – To transact such other business as may properly come before the Annual Meeting or any continuation, postponement, or adjournment of the Annual Meeting.
“You are cordially invited to attend the 2022 Annual Meeting of Stockholders (the “Annual Meeting”) of Rivian Automotive, Inc. at 11:00 a.m. Pacific time, on Monday, June 6, 2022. The Annual Meeting will be a completely virtual meeting, which will be conducted via live webcast”, Rivian said.
The Annual Meeting will be held online and shareholders can submit their questions during the meeting here and entering your 16-digit control number included in your Notice of Internet Availability of Proxy Materials, on your proxy card or on the instructions that accompanied your proxy materials.
The company will report its first quarter 2022 financial results will be released on May 11, 2022, after market close. Rivian will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET the same day.
Earlier this week, Barclays analyst Brian Johnson lowered the firm’s price target on Rivian Automotive to $38 from $42 while maintaining an Equal weight rating. Last month, the analyst had lowered Rivian’s price target by 59% to $47, from $115. At the time, the analyst says that believes the planned price increase was baked into investor expectations and the rollback of price increase leads him to cut selling price and margin assumptions through 2023.
The company announced on April 5 that produced a total of 2,553 vehicles in Q1 2022 at its manufacturing facility in Normal, Illinois. Rivian delivered 1,227 vehicles during the same period being in line with the company’s expectations for the year. Rivian believes it is “well positioned to deliver on the 25,000 annual production guidance provided during its Q4 earnings call on March 10, 2022”.
In the recent weeks, Deutsche Bank analyst Emmanuel Rosner maintained the firm’s Buy rating on Rivian Automotive lowering the price target from $91 to $90. Three months after initiating coverage on the company shares, the analyst had decreased the firm’s price target from $130 to $91. Based on the last closing price, Deutsche Bank’s new price target implies an upside potential of 167%.
Recently, Rivian CEO RJ Scaringe warned that the shortage of electric vehicles batteries can affect the auto industry soon being a challenge that “could surpass the current computer-chip shortage”. Auto makers have been facing limited supplies of raw materials like cobalt, lithium and nickel that are fundamental when making a battery.
Written by Cláudio Afonso | info@claudio-afonso.com