Why Rivian Stock Surged 14% on Tuesday and Outperformed in September
Shares of premium electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN) have raced out of the gate in October after outperforming the market in September.
On Tuesday, shares shot up 13.8%, which brought the stock's October performance to a gain of 10.3%, as shares were down on Monday. By comparison, the S&P 500 index gained 5.7% in the first two trading days of this month. Rivian stock's Tuesday pop was driven by the company's release of third-quarter production numbers and reaffirmation that it's on track to achieve its 2022 production target.
In September, Rivian stock edged up 0.6%, according to data from S&P Global Market Intelligence. That was a solid performance, as the S&P 500 dropped 9.3% last month. Rivian stock's outperformance last month is attributable to news of a partnership with German premium automaker Mercedes-Benz.
Source Fool.com
