8 Best EV Stocks To Buy Right Now

4. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Funds Holders: 37

Rivian Automotive, Inc. (NASDAQ:RIVN) is an American electric vehicle manufacturer founded in 2009, known for producing electric SUVs, pickup trucks, and delivery vans. Its noteworthy products include the R1T pickup truck, which began deliveries in late 2021, and the electric delivery van (EDV) developed for Amazon.

The company has also announced a joint venture with Volkswagen in June to develop advanced electric vehicle architecture and software. This partnership aims to lower costs and accelerate innovation, with new vehicles expected by the end of the decade. Volkswagen plans to invest $5 billion in Rivian, starting with a $1 billion loan convertible into stock.

Despite facing production issues due to a component shortage, Rivian (NASDAQ:RIVN) produced 13,157 vehicles and delivered 10,018 in Q3. It lowered its annual production forecast to 47,000-49,000 vehicles but expects deliveries to reach 50,500-52,000.

On October 21, The Fly reported that RBC Capital cut its price target for Rivian (NASDAQ:RIVN) from $15 to $14 while keeping a Sector Perform rating on the stock. This change is part of a larger report on car companies’ expected results for the third quarter. The whole sector has been struggling lately, and while analysts have reduced their predictions, there’s a chance they might lower them even more because of a gloomy economic outlook. For Rivian, a lower number of deliveries in Q3 could mean the company will change its profit expectations for the fourth quarter. Concerns have also grown about Rivian’s deal with VW after VW issued a profit warning.

Despite the rating, the analyst price target still shows an upside of nearly 40% from current levels on October 22.