Ross Gerber, a prominent Tesla Inc. TSLA investor, and CEO of Gerber Kawasaki Wealth and Investment Management, has voiced his support for rival electric vehicle manufacturer Rivian Automotive Inc. RIVN.
What Happened: On Thursday, Gerber took to social media platform X to express his admiration for Rivian’s R1S, a full-size electric SUV. He noted a 77% surge in R1S sales in California.
Gerber’s post read, “Have to say. I do love the rivian R1S. It's a great vehicle. It's become quite popular in California with sales up 77% over last year.” He also commended Rivian and its CEO, RJ Scaringe, with a “Great job” shoutout.
Gerber’s praise for Rivian comes in contrast to Tesla CEO Elon Musk‘s skepticism about the company. This is not the first time Gerber has shown support for Rivian, having previously praised the company for fulfilling R1S orders.
Why It Matters: Earlier this year, Gerber and fellow Tesla investor Gary Black mocked Musk’s comments about Rivian, noting that Rivian CEO RJ Scaringe doesn’t need to “sleep at the factory” to achieve success.
Despite Musk’s skepticism, Gerber has consistently shown optimism for Rivian’s future, emphasizing the brand’s strong appeal and potential for growth.
Price Action: Rivian Automotive Inc.’s stock closed at $16.90 on Thursday, down 1.69% for the day. In after-hours trading, the stock saw a slight increase of 0.18%. Year to date, Rivian’s stock has declined by 19.91%, according to data from Benzinga Pro.
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Image Via Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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