Despite the threats of competition and the Fed’s hawkish monetary policies, Rivian has created a niche for itself and this presents it as a viable stock to hold for the long term.
Dear readers, welcome to another exciting episode of our Coinspeaker Advent Calendar. Today, we take you into the world of Rivian Automotive Inc (NASDAQ: RIVN), an American electric vehicle manufacturer and automotive technology company founded in 2009. In a whole lot of ways, Rivian now stands out as one of the innovative Electric Vehicle (EV) startups with a goal of contributing to the world’s fight against climate change. Rivian occupies a well-coveted role in the industry, as it seeks to commercialize its push to mass produce its Sport Utility Vehicles and Pickup trucks riding on the Skateboard platform technology. Let’s take a look at how Rivian is expected to perform in 2023.
While many other EV manufacturers are already adopting this tech, Rivian is looking to reduce the cost of its production to garner more market share. Since its inception in 2009, Rivian has successfully hit unique deals that have solidified its feet in the North American EV sector.
From its deal to supply Amazon.com Inc (NASDAQ: AMZN) with pickup trucks to the failed deal with Mercedes Benz Group AG (ETR: MBG), Rivian remains one of the most aggressive startups competing with the dominance of Tesla Inc (NASDAQ: TSLA) in the United States.
Its disposition to business is forward-thinking and should it succeed in its cost-effective measures as decided this month, its automotive prices may even come cheaper, pitching it as a cheaper alternative for average earners in its core markets.
As a player in the EV world, Rivian started delivering its first all-electric pick-up vans in September last year and it looks ready to dominate the EV world with this brand of cars. The demand is high, the policies are favorable and Rivian has the technical expertise and as such, will be looking to capitalize on these advantages in 2023 and beyond.
Rivian Stock Prediction for 2023
Like all other technology stocks, Rivian has been battered by the inflationary pressures the economy has experienced this year with its stock falling from around $87.92 in January this year to its current trading price of $22.48.
The stock has a very conservative price target for the coming year and according to Panda Forecast, the following monthly targets are spelled out for Rivian in 2023:
- January: $27.97
- February: $31.39
- March: $29.36
- April: $27.93
- May: $27.18
- June: $28.89
- July: $32.95
- August: $30.04
- September: $27.34
- October: $29.50
- November: $24.67
- December: $23.52
The forecast as seen above was generated using a combination of technical analysis and AI tools. While there may be some deviation based on unforeseen economic conditions which may be positive or negative for the company’s stock, the average range of Rivian stock is projected to be between $20 and $35.
Despite the threats of competition and the Fed’s hawkish monetary policies, Rivian has created a niche for itself and this presents it as a viable stock to hold for the long term.
This wraps up our prediction series for today, stay tuned as we bring you other informative content for the rest of the week.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
