Here is Why Rivian Jumps 13% Today

Rivian Nasdaq 100 Rivian Automotive

Rivian stocks jump today after it reported that it produced 7,000 vehicles in the third quarter and will reach 25,000 vehicles in the full year 2022. So far in 2022, the company has produced 14,300 vehicles, 2,500 in the first quarter and 4,400 in the second quarter.

The company had downgraded its 2022 production target from 50,000 to 25,000 vehicles in March due to supply chain difficulties. Rivian production is growing by almost 67% per quarter as it went from zero vehicles a year ago to 25,000 by the end of the year.

Tesla (TSLA) reported on Sunday that produced 365,293 vehicles in the third quarter, well above the 237,823 cars produced in the third quarter of 2021 and delivered 343,830 cars.

Rivian Automotive Inc. reported a loss of $1.70 billion in the second quarter and expects a full-year loss of $5.45. The automaker’s market cap is up to $31.83 billion.

Rivian (RIVN) Stock

As of writing RIVN stock is 13.15% higher at $36.08 the stock has lost 65% of its value since the beginning of the year. From a technical perspective, the stock found strong support at the 100-day moving average and managed to bounce giving the bulls a deep breath. A close today above the 50-day moving average might attract more buyers.   

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