Connect with us

Hi, what are you looking for?

Rivian (NASDAQ: RIVN) Reports Q1 Volume Misses Estimates And Higher Losses As Supply Chain Disruptions Follow Its Blockbuster IPO But Rivian Main-tains Its Production Forecast, Stock Rises; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Like Other Installers, Believes In EV Charging Station Industry For Electric Cars

The environment is as challenging for makers of electric cars as they are for manufacturers of gasoline-powered vehicles, cars and trucks. Together, these OEM companies are looking for enough components — semiconductor chips and raw metal — to keep assembly lines flowing. EV makers have the additional complication of sourcing batteries. Due to logistics issues, Rivian (NASDAQ: RIVN) missed Q1 volume forecasts and its net loss in the period nearly quadrupled to $1.6 billion. Yet, investors drove yesterday’s stock up some 18% to $24.32. Investors want to buy a rival to Tesla (NASDAQ: TSLA). RIVN maintains its production projections for 2022, meaning it will play catch up for the remainder of the year. Solar Integrated Roofing Corp. (OTC PINK: SIRC) and it PLEMCo., subsidiary remain bullish on the long term gains of electric cars and its supporting EV Charging Station industry.

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) Reports Q1 Volume Misses Estimates And Higher Losses As Supply Chain Disruptions Follow Its Blockbuster IPO But Rivian Maintains Its Production Forecast, Stock Rises; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Like Other Installers, Believes In EV Charging Station Industry For Electric Cars

Ford (NYSE: F) confirmed it sold some eight million Rivian (NASDAQ: RIVN) shares following the expiration of the lockup period following the blockbuster IPO. is reportedly selling eight million RIVN shares at a discount this week. At its IPO last fall, RIVN stock was at $172 per share and market value was $91.9 billion. As of last evening, its Market Cap fell to $21.467 billion. Despite all that drama, Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) continues to see electric cars and its EV Charging Station business as sound — SIRC just received a 5-year grant from the federal government for EV Charging Stations.

Rivian (NASDAQ: RIVN) has come a long way from its IPO late last year when players such as Ford (NYSE: F) and Amazon (NASDAQ: AMZN) were revealed as equity owners. Rivan reported a loss of $2.46 billion for Q4 in 2021 compared with a loss of $353 million a year earlier. Now, a Rivian stock resurgence is seen as some investors see the significant stock price drop as a buying opportunity. Rivian’s new electric truck R1T priced at $67,500 will face Ford’s Lightning truck priced at just $40,000.

As a result of that truck-to-truck competition, it appears that Ford (NYSE: F) is now dropping its stock position in Rivian. Vivian stock has taken a significant decline since its IPO late last year and announcement it could not meet its production goals in 2022. 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. The company is definitely is drawing more interest as its stock price has dropped and it has righted itself on production goals.

Rivian (NASDAQ: RIVN) Reports Q1 Volume Misses Estimates And Higher Losses As Supply Chain Disruptions Follow Its Blockbuster IPO But Rivian Maintains Its Production Forecast, Stock Rises; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Like Other Installers, Believes In EV Charging Station Industry For Electric Cars.

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. Rivian (NASDAQ: RIVN) is a prime example of investors driving the shares up even when a loss is grater than projected — because they want to be stockholders of the next Tesla (NASDAQ: TSLA) wannabe and they want some skin in the electric cars game.

Supply chain issues are a factor for virtually every car company — especially semiconductor chip shortages — whether they produce all-electric vehicle or not. RIVN predicts the new company will achieve a 10% market share of the electric car market by 2030. Now it faces a lower-priced Ford (NYSE: F) 150 ‘Lightning’ truck with greater than 200,000 buy reservations.

Amazon, unlike Ford (NYSE: F), appears to be holding its position in Rivian — along with its announced orders for thousands of trucks as delivery vans for its primary business on line business. Rivian (NASDAQ: RIVN) Reports Q1 Volume Misses Estimates And Higher Losses As Supply Chain Disruptions Follow Its Blockbuster IPO But Rivian Maintains Its Production Forecast, Stock Rises; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Like Other Installers, Believes In EV Charging Station Industry For Electric Cars.

Rivian’s shares have dropped 78% year-to-date in 2022.. But the future potential in the dynamic electric car business is alluring to investors. At a bargain price, latecomers appear to be plentiful. In fact, Ford reported it made an $8.3 billion paper gain on its Rivian stock in 2021, a significant piece of its profit last year. But Ford and other early investors appear to be selling off the stock now it first bought. After the mandatory-hold IPO period, For was a RIVN stock seller — and an electric truck competitor.

SIRC and other EV Charging Station installers hope that Rivian (NASDAQ: RIVN) will make gains in the electric car industry. Word at the time of Rivian’s launch 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). They weren’t going to miss Rivian’s IPO.

The electric 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.

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.

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 plans to 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 one of only 16 companies to receive a 5-year government grant to build EV Charging Stations in the future.

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.

Rivian (NASDAQ: RIVN) Reports Q1 Volume Misses Estimates And Higher Losses As Supply Chain Disruptions Follow Its Blockbuster IPO But Rivian Maintains Its Production Forecast, Stock Rises; Solar Integrated Roofing Corp. (OTC PINK: SIRC), Like Other Installers, Believes In EV Charging Station Industry For Electric Cars

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 [email protected] 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: http://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press

comtex tracking

COMTEX_407139362/2785/2022-05-13T07:07:09

Written By

You may also like:

World

Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.

Business

Salmonella bacteria have been discovered in the world's biggest chocolate plant, run by Swiss giant Barry Callebaut in the Belgian town of Wieze.

World

Russian forces have retreated from Snake Island, a Ukrainian outcrop in the Black Sea, but continue to bombard mainland targets like this factory in...

Tech & Science

Samsung Electronics became the first chipmaker in the world to mass produce advanced 3-nanometre microchips.