Rivian stock surges on strong delivery numbers

• Rivian Automotive Inc (RIVN.US) shares jumped over 11.0% on Wednesday after the electric-vehicle maker's deliveries nearly quadrupled as it increased production. Company is planning to deliver 25,000 cars by the end of the year. 

• In Q2 the company produced 4,401 vehicles and delivered 4,467 of its electric trucks and SUVs, which came in line with expectations.

• Rivian is benefiting from a broader shift to electric vehicles caused by rising fuel prices. In order to meet customers' demand, the company intends to increase production capacity at its Illinois factory from  150,000 vehicles to 200,000 by 2023 and Rivian and build its second plant near Atlanta in Georgia in 2025.

Rivian (RIVN.US) stock managed to break above the upper limit of the descending channel in the second part of June and is currently approaching local resistance at $33.65, which is marked with previous price reactions. Should a break higher occur, the next target for buyers is located at $43.45 and coincides with 23.6% Fibonacci retracement of the last downward wave. Nearest support lies at $19.30 where recent lows are located. Source: xStation5