Rivian Automotive (NASDAQ:RIVN) stock is rising higher on Tuesday after the electric vehicle (EV) company confirmed production goals for 2022.
According to a press release from the EV company, it’s on target to deliver 25,000 units for the full year of 2022. That matches the previous production guidance provided by Rivian to investors.
It’s also worth noting that Rivian Automotive reported production of 7,363 EVs during the third quarter of the year. These all came from its Normal, Illinois factory. It also delivered 6,584 vehicles during the quarter.
RIVN Is Increasing EV Production
Investors will note that Rivian Automotive is increasing production compared to prior quarters. During the second quarter of 2022, the company only produced 4,401 EVs and delivered 4,467 units over to customers.
Increasing production and a reaffirmed guidance for 2022 are positives for RIVN stock. The EV company’s shares have been through a rough fall in 2022. Part of that is due to macroeconomic factors, but EV delivery delays announced in March didn’t help matters.
However, RIVN stock is off to a strong start today with some 4 million shares on the move as investors buy shares. If that momentum continues, it should surpass the company’s daily average trading volume of 17 million shares.
RIVN stock is up 7% as of Tuesday morning bus is down 66.8% since the start of the year.
Investors looking for more hot stock market news will want to keep reading!
We’ve got all of the latest stock market coverage traders need to know about for Tuesday! Among that is what has shares of chip stocks rising, this morning’s biggest pre-market stock movers, and more. You can find all of that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.