HomeFinancial MarketsRivian Stock Jumps 12% After Production Improvement in Q2

Rivian Stock Jumps 12% After Production Improvement in Q2

Electric car maker Rivian Automotive revealed its second-quarter production numbers this week, and it’s safe to say there was a big improvement compared to Q1. According to Rivian, their Normal, Illinois factory produced 4,401 units while 4,467 electric vehicles were delivered to the customers in the same period. As a result, the company’s stock RIVN saw a healthy 12 percent increase in value.  

Rivian delivered only 1,227 EVs in the first quarter, while the Normal facility produced just 2,553 cars. Such a low output positioned the company to struggle in reaching the 2022 goal of 25,000 produced units, although that doesn’t seem to be a concern at the moment.

“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided,” said Rivan in a statement.

RIVN closed at $26.86 per share on Tuesday before surging as high as 30.46 on Wednesday morning when the news was announced. This is still a significant drop compared to the $146.07 peak in November.

Rivian Automotive was founded in 2009, but it wasn’t until 2012 that the company shifted its focus to EVs. The company currently offers two models, R1T and R1S, both of which are characterized as off-road vehicles.  

Brazil’s October Job Creation Falls Short of Expectations

Brazil's Labor Ministry released its formal net jobs creation data on Tuesday, showing a net gain of 159,454 jobs for the month of October....

Apple to Lose Millions of iPhones Due to Factory Turmoil

Apple Inc. is set to incur a production shortfall of up to six million iPhones following Covid-related turmoil at the company's key manufacturing hub...

Saudi Aramco Begins Exploring $1 Billion IPO

Saudi Aramco Base Oil Co., the refining unit of the state-owned Saudi oil company, has begun planning for its initial public offering (IPO) on...