Rivian Releases 3Q Production Totals, Sending Shares Higher

(Updated - October 3, 2022 5:11 PM EDT)

American electric vehicle maker, Rivian (NASDAQ: RIVN) announced production totals for the 3Q ending September 30, 2022. The company produced 7,363 vehicles at its manufacturing facility in Normal, Illinois and delivered 6,584 vehicles during the same period. This compares to the company’s 2Q when the company produced 4,401 vehicles.

The company’s 3Q figures remain in line with management’s expectations. The electric vehicle maker believes that it is on track to deliver on the 25,000 annual production guidance previously provided. To meet production goals, the company continues to recruit workers for a second shift at its plant in Illinois. The company originally planned to have the second shift up and working by the end of the 3Q.

Shares gained 7% after-hours Monday following the news.

By Michael Elkins | [email protected]

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