Mizuho analysts reaffirmed a Buy rating on Rivian Automotive (NASDAQ:RIVN) but lowered their price target to $27.00 from $30.00. The company is focusing on ramping up production and preparing factories for increased capacity. Mizuho expects Rivian to achieve around 50,000 units in production in 2023. Planned line downs in 2024 will allow for enhancements such as next-gen network architecture and simplified wire harnesses.

Mizuho projects an annual capacity of approximately 85,000 units by the end of 2024. For the electric delivery van (EDV), the analysts predict a capacity of about 65,000 units, with production estimates raised to around 24,000 units in 2024.