Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Rivian shares jump on backing 2022 production target

Stock Markets Oct 04, 2022 09:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The logo of startup Rivian Automotive's is seen at the electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. Picture taken April 11, 2022. REUTERS/Kamil Krzaczynski
 
AMZN
-8.43%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TSLA
+0.91%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Reuters) - Shares of Rivian Automotive Inc rose nearly 8% in premarket trading on Tuesday after the company delivered a record number of vehicles in the third quarter and backed its target of producing 25,000 vehicles this year.

Rivian's positive update came after bigger rival Tesla (NASDAQ:TSLA) Inc blamed logistical hurdles for missing market expectations for the number of cars it handed over to customers in the third quarter.

Tesla shares closed down 8.6% on Monday, wiping out more than $71 billion from the company's market value in one session, or over $5 billion more than what Rivian has lost this year.

With a total of 14,317 vehicles produced so far this year, Rivian has to make more than 10,500 units in the last three months of the year to meet its production target.

"We view the reiterated FY22 production target as the most important component of the release, providing incremental comfort in the company's ability to increasingly navigate the challenging supply chain backdrop," Truist Securities analyst Jordan Levy said.

Irvine, California-based Rivian halved its annual production target from 50,000 units in March, as it battled supply chain snarls.

Last week, a court rejected a joint proposal to secure local incentives for Rivian's $5-billion manufacturing plant in Georgia, where the company proposes to produce 400,000 vehicles annually.

Rivian currently makes the R1T pickup truck, the R1S sports utility vehicle and delivery vans for Amazon (NASDAQ:AMZN) at its factory in Normal, Illinois.

Rivian shares jump on backing 2022 production target
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email