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Why Shares of Rivian Popped Late on Friday

TheMotleyFool

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Why Shares of Rivian Popped Late on Friday: https://g.foolcdn.com/editorial/images/723380/one-businessperson-whispers-something-to-another.jpg

Pressing the pedal to the metal as the end of the week came into view, investors reacted to a rumor about Rivian (NASDAQ: RIVN) and its 2023 vehicle production that began circulating late on Friday afternoon.

Shares of the electric vehicle (EV) manufacturer ended Friday's trading session 7.6% higher, having retreated slightly from their earlier rise of 11.2%.

Crediting several anonymous sources, Bloomberg reported that Rivian's management informed employees that achieving vehicle production of 62,000 units was a potentially achievable feat in 2023. This report contrasted Rivian's comments earlier in the week that identified the company's production target as 50,000.

Source Fool.com

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