Rivn Stock Surges On Production Update

Rivian Automotive Stock News

RIVN Stock Surges on Production Update

Rivian Automotive Inc. (RIVN) shares jumped 10% in premarket trading on Tuesday after the electric vehicle maker announced a production update.

Rivian said it produced 4,367 vehicles in the fourth quarter of 2022, a 67% increase from the previous quarter. The company also said it delivered 3,986 vehicles in the fourth quarter, a 21% increase from the previous quarter.

The production update was better than expected by analysts, who had forecast Rivian to produce 3,500 vehicles in the fourth quarter. The company's shares have been under pressure in recent months due to concerns about its production ramp-up and profitability.

Rivian's production update is a positive sign for the company and its investors. The company is now on track to meet its production target of 25,000 vehicles in 2023.