Rivian (NASDAQ: RIVN) Now Says It Is Back On Track To Meet Its Goal Of 25,000 EVs For 2022 After Producing Q1 2,553 Vehicles From Its Normal, Ill., Plant; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Higher Electric Car Production As Positive Sign

Posted April 19, 2022

In NASDAQ: AMZN, NASDAQ: BLNK, NASDAQ: CSIQ, NASDAQ: EVGO, NASDAQ: FSLR, NASDAQ: RIVN, NASDAQ: ROCK, NASDAQ: RUN, NASDAQ: SEDG, NASDAQ: SPWR, NASDAQ: TSLA, NYSE: CHPT, NYSE: F, NYSE: GM, NYSE: SPRQ, OTC PINK: SIRC

Rivian (NASDAQ: RIVN) was initially a darling of Wall Street when its raised $13.7 billion for its IPO late last year with players such as Ford (NYSE: F) and Amazon (NASDAQ: AMZN) were equity owners. Afterwards, RIVN appeared to crash when its COO suddenly left and projection predictions were in free fall. Now, RIVN management says based on the company’s 2,553 production in Q1, it will meet its revised goal of 25,000 EV vehicles produced in 2022. 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) Now Says It Is Back On Track To Meet Its Goal Of 25,000 EVs For 2022 After Producing Q1 2,553 Vehicles From Its Normal, Ill., Plant; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Sees Higher Electric Car Production As Positive Sign

Rivian’s market valuation at one time was $91.9 billion.In after-hours trading last evening, Rivian stock was selling at $38.60 and its market cap was $33.7 billion. Despite the turnaround in its production meeting first year goals, RIVN concedes that it does not plan to become profitable for the foreseeable future. The funds it raised in its IPO are being used for working capital and for other general corporate purposes, it says.

Supply chain issues are still a factor for the company — especially semiconductor chip shortages — even while it reports production progress. Despite all of this, RIVN still predicts the company will achieve a 10% market share of the electric car market by 2030.

SIRC and other EV Charging Station installers see that Rivian (NASDAQ: RIVN) will make gains in the electric car industry and it is 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.

The elective vehicle business is solid and so is 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. SIRC is also an applicant to FINRA for a corporate name change to SolarEV, reflecting its refocused business strategy.

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.

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.

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.

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

Source: Stock Market Press

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Bina Murarka

Bina Murarka is a India-based technology reporter for Stock Market Press. A freelance writer who covered tech for various mainstream and financial websites, she writes about everything from small-cap telecommunications companies to the digital economy's impact on financial markets. She graduated from Calcutta University.