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Electric vehicle manufacturer Rivian Automotive Company (NASDAQ:RIVN) is the leader among startups in this space, due to its execution. A fund manager on Monday offered a bullish near-term outlook for the company.
What happened: Rivian is likely to benefit the most as the United Auto Workers union strike enters a fourth day with no progress toward a resolution, the Future Fund said. Gary Black.
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The discount is based on the fund manager’s view that Rivian will own 100% of the U.S. pickup truck and SUV market during a prolonged strike. The company’s 2023 production guidance of 52,000 is expected to rise in October.
See also: Best electric car stocks
Why is it important: With the Ford Motor Company (NYSE:W), General Motors Company (NYSE: General Motors) and Stellantis Nevada (NYSE:STLA), relatively automated and non-union companies such as Tesla company (NASDAQ:TSLA) and Rivian are likely to emerge big winners, SPAC king Chamath Palihapitiya said in a post on X, formerly Twitter, over the weekend.
With Tesla Cybertruck Not launched yet, Rivian I wish An electric pickup truck could fill the void left 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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Read next: Tesla wins big in UAW Strike, Rivian stands tall among startups, Nikola CEO calms nerves and more: The biggest electric car stories of the week
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