Rivian closes 15 percent higher and is now worth more than Volkswagen

16 november 2021
today at
22:37

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Wall Street closed in the green. Electric car manufacturer Rivian rose sharply and has already more than doubled the price of its IPO. Home Depot continues to benefit from the renovation boom.

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US stocks moved higher. The Dow Jones

gained 0.2 percent, partly thanks to the retailer Home Depot, which is gaining solid ground after strong figures. The Nasdaq even rose 0.8 percent. Good figures on US consumer spending, among other things, contributed to sentiment.

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Rivian

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Its market capitalization is now $146 billion. That is more than that of Volkswagen (123.2 billion euros or 139.8 billion dollars). This is striking, because Rivian only delivered its first cars this fall. That was just 156 of the R1T model, a seven-seat SUV, almost all of them to their own employees.

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For the first six months of 2021, there was no revenue and a loss of just under $1 billion due to the start-up costs for the R1T. By the end of this year, the factory in Normal, Illinois, 1,200 pick-ups should be rolled off the production line. The e-commerce giant Amazon ordered 100,000 trucks in 2019 and they are expected to be delivered by 2025.

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Home Depot

Another stock that stands out is the DIY chain Home Depot

because that increased by 5.7 percent. This came after better-than-expected figures for the third quarter, in which the high growth in comparable sales was particularly striking.

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Earnings per share rose a solid 23.2 percent to $3.92. Analysts were only forecasting earnings of $3.40 per share. Sales climbed 9.8 percent to $36.8 billion, while the consensus forecast was $34.95 billion.

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Comparable store sales rose 6.1 percent year-on-year, much stronger than the 1.4 percent growth forecast by the army of analysts. Average spend per visit rose 12.9 percent to $82.38. This means that the American consumer seems to be little concerned about rising inflation and is still warm to the idea of refurbishing the house.

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US consumer prices rose 6.2 percent year-on-year in October on the back of rising energy prices and bottlenecks in supply chains. Core inflation – which removes volatile elements such as food and energy – rose to 4.6 percent. Both figures were higher than economists had anticipated.

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Thanks to the renovation boom, Home Depot has had a wild run this year. The stock has risen more than 46 percent since the beginning of the year.

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Tesla

The richest man in the world has $930 million in Tesla shares through the exercise of options

sold. Last week, he also sold $6.9 billion worth of shares.

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Last weekend, he clashed with left-wing Democratic Senator Bernie Sanders over the billionaire tax. Tesla gained 4.1 percent today.

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Rivian closes 15 percent higher and is now worth more than Volkswagen

Rivian

Home Depot

Tesla

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