Why Rivian Stock Is Ripping Higher Today

Rivian Automotive Inc RIVN shares are trading higher Tuesday after the company provided a vehicle production update and announced it's on track to reach its previously provided production guidance.

Rivian said it produced 7,363 vehicles and delivered 6,584 vehicles during the third quarter, its highest quarterly totals ever. Rivian manufactures the R1T pickup and R1S SUV, as well as delivery vans for Amazon.com Inc AMZN at its Illinois factory. The company didn’t separate the production or delivery numbers by model. 

Rivian also announced that it remains on track to deliver on its annual production guidance of 25,000 vehicles. The company initially forecasted 50,000 total vehicles in 2022, but it cut its outlook in March, citing ongoing global supply-chain issues. Following this week's update, Rivian has now produced 14,317 total vehicles in 2022. 

See Also: US Stocks Look Set To Rally As Futures Spike On Hope Of Fed Easing Hawkish Tone

RIVN Price Action: Rivian has a 52-week high of $106.80 and a 52-week low of $19.25.

The stock was up 7.75% at $34.36 Tuesday morning, according to Benzinga Pro.

Photo: courtesy of Rivian.

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