Why Rivian Automotive Shares Jumped Today
Sometimes bad news is good news for stock investors. That was the case today after electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) reported the final tally for 2022 vehicle production that missed its own estimates. So it might be surprising that the stock jumped as much as 4.2% and remained higher by 3.1% as of 1:55 p.m. EST. But there were good reasons the stock gained on the news.
Rivian stock had recently dropped to an all-time low price, so reduced investor expectations for fourth-quarter and full-year deliveries were already built in. But the more important reason for a positive reaction in the share price came from the progress Rivian's Q4 production represented.
Rivian produced just over 10,000 vehicles in Q4, bringing its 2022 total to 24,337. That slightly missed the already reduced projected volume of 25,000. But more importantly that quarterly production represented growth of 36% sequentially quarter over quarter.
Source Fool.com
