Is Rivian Stock a Buy?
Shares of Rivian (NASDAQ: RIVN) are up 25% since July 3, when it reported production numbers for the second quarter. That's a huge gain in a very short period of time, which hints strongly that investor sentiment is the real driving force behind the stock moves here -- not fundamentals. If you are looking at this upstart electric vehicle (EV) company, you should probably err on the side of caution. Here's why.
Rivian's production is heading higher and, according to management, on track to meet its full-year 2023 targets. That's great news, but you have to step back and look at the bigger picture. Rivian's goal is to produce 50,000 vehicles a year. That's a drop in the bucket compared to other companies in the EV space. For example, Tesla produced roughly 480,000 vehicles in the second quarter alone.
Image source: Getty Images.
Source Fool.com
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