UBS upgrades Rivian to 'Buy' as R2 demand surges

UBS upgrade rationale: UBS sees Rivian’s cheaper R2 SUV driving demand and nearing profitability, prompting a shift from Neutral to Buy with a $17 price target. R2 market momentum: The R2 has become Rivian’s best-selling vehicle, winning Top Gear SUV of the Year and helping set a quarterly delivery record of 19,248 units. Production scaling challenge: UBS forecasts Rivian will deliver 82,000 R2 units in 2027, but warns scaling output quickly is key to sustaining growth.