Toronto, Ontario — In this weekly Tuesday Ticker, analysts speculate Rivian’s impending 2022 Q4 and full year results, while Li-Cycle receives an financial sum from the U.S. Department of Energy.
Rivian watch
Electric vehicle company Rivian is set to announce its 2022 Q4 and full year results on Tuesday after the markets close.
The company is forecast to report revenue of US$742 million in Q4 2022, up from US$54 million the year prior.
If the OEM meets its expectations for the final quarter of 2022, it could be set to report annual sales of US$1.73 billion.
Rivian produced 24,337 units and delivered 20,3332 of those vehicles to customers in 2022; just below its expectation to push 25,000 vehicles down production lines through the year.
Wall Street analysts are ambitiously forecasting Rivian to produce more than 64,000 units in 2023, and sell more than 57,000 vehicles all year.
As of 11 a.m. E.T. Monday, Rivian shares were trading at US$18.00 per share, up 3.98 percent from open.
Lift to Li-Cycle
The U.S. Department of Energy will lend Li-Cycle Holdings Corp. $375 million for a battery recycling facility in New York.
The loan was under review for more than a year and will have a 12-year term. The interest rate will match the 10-year U.S. Treasury rate when funds are issued.
The facility is set to become one of North America’s largest sources of lithium by next year, says the company.
Li-Cycle’s Rochester, New York, processing plant is set to open later in 2023.
“[This] further accelerates our work and opens up optionaility to do other things,” said Li-Cycle CEO Ajay Kochnar.
The company aims to produce 8,500 tons of lithium carbonate per year from the facility as it ramps up in 2024.
As of 11 a.m. E.T. Monday, Li-Cycle shares were up 1.55 percent from the day’s open.
