Rivian (NASDAQ: RIVN) Cuts Its Car Output In 2022 To 25,000 Vehicles Down From The 40,000 Analysts Expected; It Raised $13.7 Billion In Its IPO Late Last Year But Its Stock Closed Friday After Hours At $38.29; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Electric Car Wars As Positive Sign Of OEM And Wall Street Competition

Look out below for Rivian Automotive (NASDAQ: RIVN). What did Rod Copes, its COO, know in January when he announced he was leaving the OEM electric car maker. Usually, Wall Street takes it as a bad sign when the COO suddenly leaves. It would have been right. RIVN stock fell to $38.29 Friday night in after hours trading after the company said 2022 production would be cut to 25,000 vehicles instead of the 40,000 analysts were expecting. Rivian has been the darling of Wall Street after its IPO late last year of $13.7 billion. Rivian’s market valuation at one time was $91.9 billion. Yet, Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) continues to see electric cars and its EV Charging Station business as sound.

stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).

Rivian (NASDAQ: RIVN) Cuts Its Car Output In 2022 To 25,000 Vehicles Down From The 40,000 Analysts Expected; It Raised $13.7 Billion In Its IPO Late Last Year But Its Stock Closed Friday After Hours At $38.29; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Electric Car Wars As Positive Sign Of OEM And Wall Street Competition

Rivian (NASDAQ: RIVN)  may have dug a hole for itself in its relationship with traders and investors, yet SIRC and others tied to the electric vehicle business see the EV business as fine as well as its supporting EV Charging Station industry. Word at the time among Wall Street insiders was that investors were heavily betting on Rivian’s IPO because they may have missed the success of Tesla (NASDAQ: TSLA).

Rivan reported a loss of $2.46 billion for Q4 in 2021 compared with a loss of $353 million a year earlier. In Q4 2021, sales were $54 million compared to it $1 million in Q3.

Maybe Rivian will recover later this year — maybe not. The point to SIRC and others allayed to the industry is that the elective vehicle business is solid and so its supporting EV Charging Station industry. SIRC says that it has refocused its business strategy on EV Charging Stations and in addition to its PLEMCo., subsidiary, it is doubling down on the industry’s future with its recently signed LOI to acquire thee LA-based complementary EV Charging Station businesses.

Key to Rivian (NASDAQ: RIVN) is its 19% ownership by Amazon. Amazon has a deal to buy some 100,000 orders to buy Prime vans. Rivian at the time said it was planning to fill that order by 2025. Analysts predicted the Amazon order would be closer to 200,000. Meanwhile, on the IPO, Ford (NYSE: F) disclosed that it made half of its full year 2021 profit on the success of the initial public offering.

Now with its short term relationship with investors damaged, Rivian is looking to a later 2022 rebound. For now, Rivian management is blaming a shortage of  parts on supply chain issues. To date, Rivian has only produced 2,425 vehicles total from inception.

RJ Scaringe, CEO, blamed a shortage of semiconductors, circuit boards and wire harnesses sourced from Mexico. He said, though, that electric batteries are not in short supply.

Rivian is already the darling of Wall Street. Its launch vehicle is a pickup truck and its largest shareholder is Amazon. Amazon initially pre-IPO had a 20% stake in Rivian, it disclosed. Ford (NYSE: F) made some $6 billion windfall on the IPO. But eventually it may lose more than that competing with Rivian’s vehicles, according to The Wall Street Journal.

Claire McDonough, CEO of Rivian, says she is now focusing on gaining EV market share rather than profit.

She says, “We want to prioritize our ability to rapidly bring new vehicles to market versus having that path to prioritize profitability.”

Electric car sales in the U.S. are soaring, more than doubling in the 1st half of 2021. Ford (NYSE: F), General Motors (NYSE: GM) and foreign OEM makers, such as Mercedes-Benz, Volkswagen and BMW AG, are setting self-imposed deadlines of 2030 for all-electric model lines.

EV Charging Stations — especially fast charging stations — are a key factor in supporting electric vehicle sales.  Rivian (NASDAQ: RIVN) Cuts Its Car Output In 2022 To 25,000 Vehicles Down From The 40,000 Analysts Expected; It Raised $13.7 Billion In Its IPO Late Last Year But Its Stock Closed Friday After Hours At $38.29; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Electric Car Wars As Positive Sign Of OEM And Wall Street Competition.

To Solar Integrated Roofing Corp. (OTC PINK: SIRC) subsidiary PLEMCo., the underlying EV Charging Station space is a critical growth area. To OEM electric car and truck makers, range anxiety remains important to closing sales. To SIRC, EV Charging Stations could be an important opportunity.

To overcome range-anxiety potential buyers, the home and street EV Charging Station population must be high enough to be high profile and relax the EV customer. Potential buyers must see enough EV Charging Stations to be confident that longer road trips are possible.

GM is all-in on electric vehicles. General Motors (NYSE: GM) plans to introduce 30 all electric vehicle models globally by 2025, beginning with its first electric pickup truck now being shown at trade events. It is a competitor to Ford’s (NYSE: F) new ‘Lightning,’ an electric version of its best-selling ‘150’ pickup truck. The ‘Lightning’ already has 150,000 non-binding buy reservations.

Rivian will out-design the market with an eye-catching splashy sporty sedan. While GM and Ford continue to electrify their traditional pickups and SUVs.

Solar Integrated Roofing Corp. (OTC PINK: SIRC) is competing in an EV Charging Station industry that’s still in the early stage.  Rivian (NASDAQ: RIVN) Cuts Its Car Output In 2022 To 25,000 Vehicles Down From The 40,000 Analysts Expected; It Raised $13.7 Billion In Its IPO Late Last Year But Its Stock Closed Friday After Hours At $38.29; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Electric Car Wars As Positive Sign Of OEM And Wall Street Competition.

To SIRC, government tailwinds are important in this industry. SIRC is an applicant for some $80 million in government grants to build more EV Charging Stations in the future. According to Pablo Diaz, president of SIRC, PLEMCo. is overwhelmed with RFP’s for government projects in its EV Charging Station pipeline.

David Massey, Chairman and CEO of SIRC, said that he remains hopeful that the government grants SIRC applied for will be approved. They remain in applicant mode for now.

The EV Charging Station industry, supporting the electric car industry, is seen as a sweet spot in the future. GM’s goal is $280 billion by 2030 in electric cars, as it partners with EV charging company EVgo (NASDAQ: EVGO) for the installation of fast chargers. EVgo may have the inside track to install 2,500 chargers for GM by the end of 2025, but it spells opportunities for others.

An additional electric vehicle entry will be Foxconn, which debuted three new electric car prototypes — which will be marketed under other brand names. An Apple-making company, this is Foxconn’s first entry into the electric car industry. It is offering a sedan model, which insiders say will be marketed by a European car brand in coming years. There will also be an all-electric SUV and bus, according to The Wall Street Journal.

Rivian (NASDAQ: RIVN) Cuts Its Car Output In 2022 To 25,000 Vehicles Down From The 40,000 Analysts Expected; It Raised $13.7 Billion In Its IPO Late Last Year But Its Stock Closed Friday After Hours At $38.29; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Electric Car Wars As Positive Sign Of OEM And Wall Street Competition.

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

Join Stock Market Press’ newsletter for the latest in IPO, market commentary and company profiles.

Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.

Contact:

Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com https://twitter.com/PressStock

Safe Harbor Statement:

Statements in this news release may be ”forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

See Stock Market Press disclaimer: https://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press