Shares of Rivian Automotive (NASDAQ: RIVN) are up 18.2% on Thursday as of 2:27 p.m. ET,  following the premium electric vehicle (EV) maker's release late yesterday of its third-quarter 2022 report.

The stock's rise is primarily attributable to management reaffirming its 2022 vehicle production guidance of 25,000 vehicles. It's also surely getting a tailwind from the strong market, which is surging following October inflation data coming in better than widely expected. 

As background, Rivian has launched three all-electric premium vehicle models, including R1T (pickup truck), R1S (SUV), and EDV ("electric delivery vehicle"). At this point, the company is only producing vans for Amazon, which owns a significant stake in Rivian. However, in September, Rivian formed a partnership with Mercedes-Benz, in which the two automakers will jointly operate a factory in Europe for the production of large electric vans.

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Source Fool.com