Rivian Gains Buy Rating on $1.25 B Uber Deal for 50,000 EVs
Rivian Automotive’s narrative is shifting from EV manufacturer to tech platform, supported by Volkswagen funding and a potential $1.25 billion Uber order for 50,000 vehicles. Shares trade 20% below their 52-week high and 24.2% down year to date as R2 deliveries start this month.
1. Analysts Upgrade Rivian to Buy
Rivian Automotive received Buy ratings from multiple analysts as its business narrative shifts beyond electric vehicles to a broader technology platform following improved long-term growth prospects.
2. Major Deals with Uber and Volkswagen
The company secured Volkswagen funding and is in talks for a potential $1.25 billion Uber order covering up to 50,000 vehicles, underscoring its strategic expansion into fleet services.
3. Stock Performance and R2 Deliveries
Shares trade 20% below their 52-week high and are down 24.2% year to date while Rivian prepares to begin customer deliveries of its new R2 model this month.