Why Rivian Stock Surged Today
Shares of Rivian Automotive (NASDAQ: RIVN) jumped on Wednesday after the electric truck maker announced its much-awaited vehicle production and delivery figures. By the close of trading, Rivian's stock price had gone up 10.4%.
In Rivian's report, it said that it manufactured 4,401 electric vehicles (EVs) at its Illinois plant in the second quarter. It also delivered 4,467 electric vehicles during the period. Those figures represented growth of 72% and 264%, respectively, compared to the first quarter.
Rivian also said that it is on schedule to achieve its goal of producing 25,000 vehicles in 2022. The news came as a relief to investors. Supply chain shortages have snarled Rivian's manufacturing operations in recent months. Shareholders were no doubt pleased that the company has been able to reiterate its annual production target despite these challenges.
Source Fool.com
