Rivian stock surges 8.0% in premarket on upbeat delivery number

Rivian Automotive Inc (RIVN.US) stock rose sharply before the opening bell after Tesla competitor produced 7,363 cars in the third quarter, which is a 67% increase compared to the previous quarter and maintained its full-year production guidance of 25,000 vehicles.

RBC analysts believe that the company needs to produce around 10,700 vehicles in the fourth quarter to achieve the yearly target but it seems feasible on better supply chains.

Company had originally expected to produce 50,000 vehicles this year. However these plans were slashed in March due to global supply-chain issues. 

Confirmation of the production guidance was enough to boost the Rivian (RIVN.US) stock 8.0% in premarket trading to $34.75. Source: xStation5