Rivian Ramps Up Manufacturing, Reaffirms Annual Objective
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Rivian Automotive Inc. shares rose in early buying and selling after the automaker reported progress in ramping up manufacturing and reaffirmed its purpose to construct 25,000 electrical autos this yr.
The maker of the R1T pickup and R1S sport utility automobile produced 7,363 autos within the third quarter and delivered 6,584 to prospects, in accordance with a press release.
That’s up from 4,401 autos constructed within the prior quarter and 4,467 handed over to homeowners.
Rivian’s reiteration of its annual manufacturing goal “ought to present a lift to investor confidence,” Joe Spak, an analyst at RBC Capital Markets who charges the inventory the equal of a maintain, wrote in a report.
The shares climbed as a lot as 9% to $34.75 earlier than the beginning of standard buying and selling Oct. 4. They’ve plunged 69% this yr by means of the Oct. 3 shut.
The manufacturing and deliveries have been according to expectations, Irvine, Calif.-based Rivian stated. The corporate additionally producers electrical supply vans for Amazon.com Inc., one in all its greatest shareholders. It has a contract to ship 100,000 autos to the e-commerce big by the top of the last decade.
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