Overview
- Stifel raised its Rivian price target to $17 and reiterated a Buy rating, citing stronger software economics, improved services profitability, and lower unit costs.
- Rivian reported third‑quarter revenue of $1.56 billion and a positive gross profit of $24 million, alongside a net loss of $1.17 billion, or $0.96 per share.
- The firm highlighted roughly $2,200 sequential COGS reduction per vehicle and a per‑vehicle gross loss improvement to about $985 excluding software and services.
- Commentary warns that part of Q3 strength reflected EV purchases pulled forward ahead of an Oct. 1 federal tax‑credit change, raising questions about repeatability into Q4.
- Technology‑licensing revenue from the Volkswagen partnership aided margins, while the next catalysts include Rivian’s Dec. 11 Autonomy & AI Day and the still‑months‑away R2 debut.