Rivian announced on Tuesday that company’s CEO RJ Scaringe will participate in the 7th Annual Morgan Stanley Sustainable Futures Conference in New York City on Wednesday, May 25 at 11:45 am PT / 2:45pm ET. A live webcast of the session will be available here.
Recently, Morgan Stanley analyst Adam Jonas lowered the firm’s price target on Rivian Automotive to $60.00 from $85.00. Despite mentioning that the company faces a new reality compared to the expectations unveiled last November, the analyst says Rivian can ‘pace itself’ on its ambitions for EV growth in the near term.
According to SEC form filed on May 16, Rivian Automotive CEO Robert Scaringe added 41,000 shares for $1.05 million, at an average price of $25.77 per share. Scaringe owns now a total of 169,175 shares directly, 4,337,997 through a trust and 4,595 by LLC.
According to The Wall Street Journal, Rivian Automotive legal battle with Commercial Vehicle Group, could affect the production of the Amazon destined Vans. The electric vehicle maker sued in March the Ohio-based company accusing it of violating the supply contracts for seats.
Rivian claims that the supplier nearly doubled the initially agreed-upon price per unit, the court filings reviewed by WSJ said. The Commercial Vehicle Group denied saying the price increases seen only happened after the design changes. The automaker warned that the production of the Vans can be stopped if Commercial Vehicle Group stops providing seats, Court Filings say.
In early May, Rivian‘s van was seen in Germany with a Swedish license plate. Recently, the company declined to disclose how many of these vehicles were built so far, but during the recent visit by Media to the facility, dozens of those were seen ready to be delivered apart from the ones on the assembly line.