Benzinga - by Shanthi Rexaline, Benzinga Editor.
Electric vehicle manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN) is the frontrunner among the startups in the space, given its execution. A fund manager on Monday offered a bullish take on the company’s near term.
What Happened: Rivian is likely the biggest beneficiary as the United Auto Workers union’s strike entered the fourth day with no progress toward a resolution, said Future Fund’s Gary Black.
The deduction is based on the fund manager’s view that Rivian will have 100% of the pickup truck and SUV market in the U.S. during a protracted strike. He expects the company’s 2023 production guidance of 52,000 to move higher in October.
Why It’s Important: With the Ford Motor Co. (NYSE:F), General Motors Corp. (NYSE:GM) and Stellantis N.V. (NYSE:STLA), relatively more automated and non-unionized companies such as Tesla, Inc. (NASDAQ:TSLA) and Rivian will likely emerge big winners, said SPAC king Chamath Palihapitiya in a post on X, formerly Twitter, over the weekend.
With Tesla’s Cybertruck yet to launch, Rivian’s RIT electric pickup truck can fill up the vacuum created by the UAW strike.
In premarket trading on Monday, Rivian stock fell 0.45% to $24.07, according to Benzinga Pro data.
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