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Tuesday Ticker: Competition for EV trucks and another quarter in the bag for AutoCanada

Toronto, Ontario — The completion of Tesla’s first Cybertruck puts pressure on its competitors in the EV space and AutoCanada prepares to delve into its Q2 financials during a call in August.

Rivian recoils

The unveiling of Tesla’s first Cybertruck off the assembly line dealt yet another blow to Rivian’s share prices.

The news caused Rivian shares to dip by 2.5 percent, meanwhile Tesla rose by two percent, putting them on track to open at a 10-month high.

Rivian’s R1T pickup and R1S SUV come at starting prices of $73,000 and $78,000, respectively, while reports indicate that Tesla plans to sell the Cybertruck for around $40,000.

“We see competitive pricing and specs for the Cybertruck as a fundamental and headline risk to [Rivian],” wrote analyst Ben Kallo.

Rivian shares were trading at about $23.95 per share as of publication on Monday.

Dealer dialogue

AutoCanada set a date for the release of its Q2 2023 financial results on Monday.

The nationwide dealership group and its management team will be meeting on Aug. 10 at 11 a.m. to discuss the previous quarter which ended on June 30.

Click here for more information on how to take part in the conference call.

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