Toronto, Ontario — In this weekly Tuesday Ticker, we look at the potential trading impact of Rivian’s second-gen R1S and R1T vehicles. Plus Martinrea announces a $35 million expansion to an Ontario-based facility, adding some fancy new equipment to the mix, too.
Rivian stock revival?
Analysts are keen to see how Rivian’s unveiling of its second-generation R1S SUV and R1T pickup affects stock numbers.
The EV maker’s stock is down nearly 50 percent from the start of 2024. As of 1:20 p.m. ET Monday, shares traded at US$11.82 a share; down 43.96 percent from the start of this year.
While the new models are largely the same aesthetically, Rivian has made overhauls to the internal design of its systems.
Further, the OEM announced a 71 percent increase in Q1 2024 deliveries and was able to double vehicle production and deliveries in 2023.
Concerns remain about Rivian’s profitability, though. The automaker’s negative gross margins reveal that, in Q1 2024, the company lost US$38,784 on every vehicle it sold, before corporate costs.
Shares rose about two percent in the immediate hours following the unveiling of the second-gen R1S and R1T.
New stamping grounds
Martinrea, a global automotive supplier, announced a $35 million expansion of its Ridgetown, Ontario facility.
The project will add a new 100,000-square-foot building to house a SIMPAC 3000 metric-ton stamping press, enabling the production of larger, more complex parts for customers.
This initiative aims to enhance efficiency, quality, and sustainability while expanding Martinrea’s North American capabilities to meet demand for lightweight, high-strength metal solutions.
“This expansion demonstrates our commitment to innovation and customer satisfaction,” said Martinrea CEO Pat D’Eramo.
The Ridgetown plant, which employs 150 people, is one of Martinrea’s 56 locations across 10 countries serving the global automotive industry.
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