Rivian stock soars 9% after production update

In early trading, the shares of the Bloomberg-owned Rivian Automotive Inc. went up after the automaker reported progress in ramping up production and reaffirmed its goal to build 25,000 electric vehicles this year.

The maker of the R 1 T pickup and R 1 S sport utility vehicle, R 1 T, produced 7,363 vehicles in the third quarter and delivered 6,584 to customers, according to a statement. That is up from 4,401 vehicles built in the previous quarter and 4,467 handed over to owners.

Joe Spak, an analyst at RBC Capital Markets who rate the stock the equivalent of a hold, wrote in a report that Rivian's reiteration of its annual production target should boost investor confidence. The shares climbed as much as 9% to $34.75 before the start of regular trading Tuesday. They have plunged 69% this year through Monday s close.

The production and delivery of the products were in line with expectations, according to Irvine-based Rivian. One of its biggest shareholders is Amazon.com Inc., which produces electric delivery vans. It has a contract to deliver 100,000 vehicles to the e-commerce giant by the end of the decade.

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