Rivian stock up 7.75% after production update

Rivian Automotive Inc RIVN shares are trading higher Tuesday after the company provided a vehicle production update and announced that it is on track to reach its previously provided production guidance.

Rivian said it produced 7,363 vehicles and delivered 6,584 vehicles during the third quarter, its highest quarterly totals ever. Rivian manufactures the R 1 T pickup and R 1 S SUV, as well as delivery vans for Amazon.com Inc AMZN at its Illinois factory. The production or delivery numbers were not separated by the company.

Rivian is on track to deliver on its annual production guidance of 25,000 vehicles. In 2022, the company originally predicted 50,000 total vehicles, but it cut its outlook in March due to ongoing global supply-chain issues. In the year 2022, Rivian produced 14,317 total vehicles, following this week's update.

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RIVN Price Action: Rivian has a 52 week high of $106.80 and a 52 week low of $19.25.

The stock was up 7.75% at $34.36 Tuesday morning, according to Benzinga Pro.