Shares in Rivian Automotive Inc. (Nasdaq: RIVN) are charging back up, and boosting CEO RJ Scaringe’s fortune in the process.
The Irvine-based EV maker this month set a record nine-day rally on Wall Street, which added $11 billion to the company’s market value, according to Bloomberg. With a current market cap of about $24 billion, Rivian now stands as OC’s third-most valuable public company.
Rivian’s stock received a boost largely on its second-quarter deliveries, which surpassed analyst estimates, sending shares up 10% on July 3.
The EV maker delivered 12,460 vehicles in the quarter, up 59% from the year prior. The company also reaffirmed investors that it’s on track to deliver the 50,000 annual production guidance it forecast.
Shares in Rivian have more than doubled since their 52-week low in April. At press time, the company’s stock sat around $26 a share.
That’s still off about 81% from its all-time high, shortly after the company first went public in 2021. For a few months, the company’s valuation topped $100 billion, making it the most valuable public company in OC history.
The Business Journal currently estimates Rivian founder Scaringe’s fortune at about $2.2 billion in this week’s OC’s Wealthiest list (see list, page 14). The estimate factors in his Class A and B holdings in the company, and sizeable potential bonuses he could earn if the EV maker hits various performance goals.
The same day Rivian released its second-quarter delivery results, the EV maker also announced that its new custom vans for Amazon (Nasdaq: AMZN) rolled out in Germany.
Rivian delivered over 300 electric vans for the online retail giant, which already has thousands of electric vans in Europe.
Amazon aims to have 100,000 delivery vans from Rivian by 2030.
The update on Rivian’s progress with Amazon, along with the EV maker’s second-quarter delivery appears to have affirmed investors’ current confidence in the company, seen as one of the biggest potential EV competitors to Tesla Inc. (Nasdaq: TSLA), the world’s most valuable automaker with a nearly $890 billion market cap as of last week.
Local Retail Site
The EV maker this year will open a retail center at the former South Coast Cinemas site in Laguna Beach.
Rivian will showcase its two inaugural vehicles, the R1T truck and R1S SUV, following its renovation of the historic theater.
The site, called Spaces, will include a showroom area, a coffee bar and a screening room, according to a 2020 proposal.
Rivian’s first Spaces opened two years ago in Venice Beach.