Why Rivian Stock Is Rallying After Hours

Rivian Automotive Inc RIVN shares are trading higher in Monday's after-hours session after the company provided a production and deliveries update and announced it's 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 R1T pickup and R1S SUV, as well as delivery vans for Amazon.com Inc AMZN at its Illinois factory. The company didn’t separate the production or delivery numbers by model. 

Rivian did say it remains on track to deliver on its annual production guidance of 25,000 vehicles. The company initially forecasted 50,000 total vehicles in 2022, but it cut its outlook in March, citing ongoing global supply-chain issues. Following Monday's update, Rivian has now produced 14,317 total vehicles in 2022. 

See Also: Why General Motors Stock Popped On Monday

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

The stock was up 6.9% in after hours at $34.09 at time of publication, according to Benzinga Pro.

Photo: courtesy of Rivian.