Electric car maker Rivian (NASDAQ:RIVN) recently offered a pessimistic Fiscal Year 2023 shareholder update, sparking fear among many investors that the company may be unable to achieve profitability in the near term. However, an upcoming and upgraded take on its electric adventure vehicle and a planned production shutdown to boost efficiencies and cut costs give buy-and-hold investors reason to consider jumping in on RIVN shares now.
Wall Street analysts remain broadly optimistic about Rivian, particularly over medium- and long-term timelines, and I join them in this bullish view. Below we’ll take a closer look at some of the factors at play.
FY2023 Earnings: Revenue, Earnings as Expected; Production Estimates Disappoint
Rivian’s full-year revenue of $4.4 billion and losses of $5.74 per share for 2023 were in line with many analyst estimates. This prompted some analysts across the Street to revise their Fiscal 2024…
