While electric vehicle stock Rivian (NASDAQ:RIVN) has seen better days, it made some upward progress in Monday afternoon’s trading. Up nearly 4%, the biggest reason seems connected to a new announcement that will increase the number of places where Rivian owners can charge their vehicles.
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Thanks to a recent move from Tesla (NASDAQ:TSLA), Rivian drivers will be able to charge their vehicles at Tesla Supercharger stations. Several pictures and even videos have emerged of Rivian owners putting a North American Charging Standard (NACS) to the Combined Charging System 1 (CCS1) adapter system to work on their own vehicles.
This isn’t just a clever hack, however; reports note that Rivian navigation systems will now reflect the location of Supercharger stations when users are planning trips. Included with that information will be availability information and charger speeds.
A Comeback in the Making?
Further working in Rivian’s favor are recent reports noting that the state of Illinois is getting involved in keeping Rivian there and the jobs it offers. An incentive package is currently being assembled, and while the specifics aren’t yet clear, they should be substantial. After all, Georgia recently offered Rivian $1.5 billion in incentives for a Rivian plant that hasn’t been built yet.
So, if Illinois wants to keep that production in play, it’s going to need to make a worthwhile offer. There’s better news out there for Rivian as well; lithium prices are actually in decline. Lithium-ion battery packs are down 14% from 2022 to 2023, and a recent discovery in the Salton Sea may help even further.
Is Rivian a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on RIVN stock based on 13 Buys, eight Holds, and three Sells assigned in the past three months, as indicated by the graphic below. After an 11.6% loss in its share price over the past year, the average RIVN price target of $18.24 per share implies 59.51% upside potential.
