Electric vehicle manufacturer Rivian (NASDAQ:RIVN) reported revenue ahead of Wall Street’s expectations in Q1 CY2025, with sales up 3% year on year to $1.24 billion. Its non-GAAP loss of $0.41 per share was 44.4% above analysts’ consensus estimates.
Wall Street edged lower by midday Tuesday as uncertainty surrounding trade policies lingered, with investors adopting a cautious approach ahead of Wednesday’s Federal Reserve meeting.
Rivian Automotive Inc. (NASDAQ: RIVN) is investing $120 million to build a supplier park in Normal, Illinois, aimed at accelerating EV production and adding nearly 100 direct jobs. The park will house key suppliers near its main plant to improve supply chain efficiency.
The EV maker expects construction to be completed by 2026 and sees key suppliers locating in the park, reducing shipping, logistics, and warehousing costs.
Though Musk and Tesla have both denied the WSJ report, the broader EV market could become more competitive and diversified if Tesla loses its market dominance without Musk at the helm.
Tesla is drawing renewed investor interest despite recent setbacks, as Thomas "Tom" Lee, Co-founder of Fundstrat Global Advisors and regular CNBC contributor, identifies potential recovery signals amid extremely negative sentiment.
The Future Fund Managing Partner, Gary Black, cautioned investors on Tuesday against Tesla Inc.'s robotaxi valuations that project share prices of $2,000 or higher, arguing that such forecasts ignore market realities and competition.
