By Ed Ludlow | Bloomberg
Irvine-based Rivian Automotive’s shares rose after the automaker reported progress in ramping up production and reaffirmed its goal to build 25,000 electric vehicles this year.
The maker of the R1T pickup and R1S sport utility vehicle produced 7,363 vehicles in the third quarter and delivered 6,584 to customers, according to a statement. That’s up from 4,401 vehicles built in the prior quarter and 4,467 handed over to owners.
The shares jumped 6.5% to $33.97 at 9:40 a.m. in New York. They plunged 69% this year through Monday’s close.
Rivian’s reiteration of its annual production target “should provide a boost to investor confidence,” Joe Spak, an analyst at RBC Capital Markets who rates the stock the equivalent of a hold, wrote in a report. Analysts at Oddo BHF noted that Rivian delivered nearly 90% of its quarterly production in the period, a sign it has improved its transportation logistics.
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The production and deliveries were in line with expectations, Rivian said. The company also manufactures electric delivery vans for Amazon.com, one of its biggest shareholders. It has a contract to deliver 100,000 vehicles to the e-commerce giant by the end of the decade.
Rivian’s goal of producing 25,000 EVs this year across all its lines means it will have to build about 10,000 units in the final three months of this year.