Why Rivian Automotive Shares Are Trading Lower Today

Rivian Automotive RIVN shares are trading lower on Monday after the company released Q1 production figures.

According to the announcement, Rivian produced 9,395 vehicles at its manufacturing plant in Normal, Illinois, and delivered 7,946 vehicles during the same period. Rivian stated that these production and delivery numbers are consistent with its projections, and the company is confident in achieving its previously stated annual production target of 50,000 vehicles.

Additionally, Rivian announced that it will release its financial results for the first quarter of 2023 on May 9th, after the market closes.

Rivian Automotive Inc is an American electric vehicle manufacturer and automotive technology company founded in 2009, which designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets.

RIVN Price Action: Rivian Automotive has a 52-week high of $51.93 and a 52-week low of $12.58.

Rivian Automotive shares are down 2.49% at $15.10 at the time of writing, according to Benzinga Pro.