Rivian surges on Volkswagen's plans to invest

Fisker

26/06/2024 15:36

(Updates)
    ** Shares of electric automaker Rivian Automotive  RIVN.O 
jump 30% to $15.60, hitting 4-month high
    ** RIVN stock is heading for its best intraday pct. gain on
record
    ** German automaker Volkswagen Group  VOWG_p.DE  plans to
invest up to $5 bln in Rivian - part of new, equally controlled
JV to share EV architecture and software
    ** Volkswagen's shares down 1.9% in European trading 
    ** Rivian stock set to gain nearly $3.50 bln in market
value, if trend holds
    ** Volkswagen's investment will help Rivian turn cash-flow
positive
    ** Rivian is on the better side of EV market, compared with
rival Fisker, which was forced to file for bankruptcy 
    ** Other EV stocks such as Lucid  LCID.O , ChargePoint
 CHPT.K  and Canoo are up 5%, 5.4% and 13%, respectively
    ** Of 27 analysts tracking RIVN stock, 11 rate "hold" or
lower and 16 rate "buy" or higher; their median is PT $15
    ** RIVN stock is down 33.3% YTD

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