Rivian Is Becoming A Confounded Investment

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Ever since I bought into the IPO roughly two years ago, it's been a virtual roller coaster ride owning EV automaker Rivian, which makes the R1T pickup truck and the RS1 SUV as well as the new Amazon delivery vans. I just wrote a couple of weeks ago about a terrible earnings report that sank shares dramatically. But I also announced my position was a hold, meaning I would not sell or add any shares. Maybe I should have bought some more. But I am already pretty heavily invested. Today Rivian shares surged almost 14% on a sudden and secret announcement that they are introducing new models and have found cost savings of $2.25 billion. We knew about the R2. But now they are introducing R3 and R3X crossovers, which should be huge since crossovers continue to dominate consumer interests in cars. The R2's will be cheaper than the R1 series which start at $70k and can go up o $100k. R2's should start at $45k. They have not announced price points for the R3's as of yet, but they have indicated they will be in the R2 range as they seek to get the attentions of more consumers. Rollouts won't be immediate of course. The R2 won't hit markets until around 2026. And there's still a long road ahead. But it is a clear sign showing Rivian is not resting on its laurels. It's building a viable business that will pay massive dividends to investors over the long haul, and that was reflected in today's bounce. My position remains a hold for now as I continue to await seeing a strong new resistance level. As an investor, even though I have not seen any R3 concepts yet, I think they would be a game changer.