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The stock price of Rivian (NASDAQ: RIVN), known for its electric trucks and SUVs, has experienced a tumultuous journey since its initial public offering in November 2021. Notably, RIVN has struggled over the past year, posting significant losses and failing to keep up with industry giants such as Tesla (NASDAQ: TSLA).  By press time, Rivian was trading at $12.69, down more than 2% since the last trading session. Over the past year, RIVN has plunged 21%, while the equity is down over 5% year-to-date. RIVN one-year stock price chart. Source: Finbold RIVN stock path to $20 Rivian has mostly maintained its price above the $10 support level in recent months, with investors eyeing a potential climb to the $20 resistance zone.  However, achieving this target hinges on addressing challenges that have plagued the company since going public, with profitability ranking as a top priority. The company is taking several strategic steps to boost profits, such as expanding its vehicle lineup and production capacity. For instance, introducing more affordable models like the R2, R3, and R3X aims to broaden market appeal, with R2 deliveries slated for 2026. Additionally, a $6.6 billion loan from the U.S. Department of Energy will fund a new manufacturing facility in Georgia, expected to commence production in 2028. Until then, Rivian plans to ramp up output at its Illinois facility, which can produce up to 215,000 vehicles annually, including electric delivery vans for Amazon (NASDAQ: AMZN), one of its main customers. Despite these efforts, Rivian faces significant financial hurdles. In the first three quarters of 2024, the company reported $3.2 billion in revenue but incurred a $4 billion operating loss. With cash reserves declining from $7.9 billion to $5.4 billion in 2024, Rivian must carefully manage its resources.  However, its partnerships with Amazon and Volkswagen could position…

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Filed under: News - @ January 28, 2025 5:24 pm