Rivian CFO to participate in BofA’s Securities 2022 Global Automotive Summit on April 13

Written by Cláudio Afonso | info@claudio-afonso.com

Rivian Automotive CFO Rivian’s CFO, Claire McDonough, will participate in The Bank of America Securities 2022 Global Automotive Summit this Wednesday, April 13. At 2:05pm ET, Claire will join a conversation with John Murphy, Managing Director of Bank of America Global Research. A live webcast will be available here.

The company also announced that will report its first quarter 2022 financial results 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. The live webcast will be available at https://edge.media-server.com/mmc/p/9j25wrzb and a replay will be available for four weeks at www.rivian.com/investors following the webcast.

Earlier this week, Exane BNP Paribas analyst initiated coverage on Rivian Automotive shares with a price target of $35.00 and the Underperform rating. “Our ’23E-’24E revenue is 9-13% below consensus, while adjusted EBITDA runs just ~1 % lower amid negative per unit economics”, said the analyst. Earlier today, Rivian shares were trading as much as 7.00% higher near $42.00 per share

The EV maker announced on April 5 that produced a total of 2,553 vehicles in Q1 2022 at its manufacturing facility in Normal, Illinois. The company 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”. The company recently reported Q4 and Full Year 2021 Earnings where it lowered its production guidance for 2022 and expects now to deliver 25,000 vehicles (down from 40,000).

Recently, RBC analyst Joseph Spak released a client note on Rivian where he expects a stronger Q1 2022 deliveries than the consensus. At the time, the analyst expected the company to reach a weekly production of 320 units in Q1 2022, which means 2,370 vehicles produced during the quarter.

Written by Cláudio Afonso | info@claudio-afonso.com