Electric automaker Rivian surges on Volkswagen's plans to invest

Fisker

26/06/2024 09:31

** Shares of electric automaker Rivian Automotive  RIVN.O 
jump 40% to $16.85 premarket 
    ** German automaker Volkswagen Group  VOWG_p.DE  to invest
up to $5 bln in Rivian - a part of new, equally controlled JV to
share EV architecture and software
    ** Volkswagen's shares down 1.4% in European trading 
    ** Rivian stock set to gain nearly $4.8 bln in market value,
if trend holds 
    ** Volkswagen's investment will help Rivian turn cash-flow
positive 
    ** Rivian on the better side of EV market, compared to its
rival, Fisker - which was forced to file for bankruptcy 
    ** Other EV stocks Lucid  LCID.O  up 8%, ChargePoint
 CHPT.K  up 4.6% and Canoo  GOEV.O  up 4.3% 
    ** Of 27 analysts tracking RIVN, 11 rate "hold" or lower
while 16 rate "buy" or higher, with median PT $15 
    ** RIVN stock was down 49% YTD, as of last close
    

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))