Why Rivian Shares Soared After Earnings
Rivian Automotive (NASDAQ: RIVN) is standing out among electric vehicle (EV) start-ups as a string of first-quarter earnings reports are being released. Investors are cheering Rivian's report, boosting the stock by as much as 13.6%.
As of 10:37 a.m. ET, the stock remained higher by 8.9%. The jump has helped Rivian shares gain almost 20% in the last week.
One reason the shares popped was because Rivian reaffirmed its production outlook for the full year. The company still expects to produce 50,000 EVs -- twice what it manufactured last year. That stands out as peers including Lucid Group and Fisker both just lowered 2023 production guidance. Rivian also reduced operating expenses versus the prior year period and trimmed its net loss for the quarterly period.
Source Fool.com
