Why Rivian Shares Drove Higher Again Today
The stock of Rivian Automotive (NASDAQ: RIVN) is on fire. Shares have soared more than 23% in just the past three days. That includes today's gain of 6.7%, as of 3 p.m. ET.
The surge reverses an 18% drop in the month of June and represents a kind of sigh of relief from investors. While the company had about 90,000 preorders for its consumer electric trucks, and another 100,000 vehicle order from Amazon for commercial electric delivery trucks, investors have been concerned about the company being able to fulfill those orders. As of May 9, the company had produced a total of only 5,000 electric vehicles (EVs). But yesterday, it announced production has surged. After completing another 4,400 vehicles for the quarterly period ended June 30, Rivian now looks to be on track to fulfill its projected 25,000 vehicle production goal for 2022.
Image source: Rivian Automotive.
Source Fool.com
