- Rivian stock surged 12% on Tuesday after the EV maker reiterated its full-year production guidance of 25,000 vehicles.
- Rivian said it delivered 6,584 vehicles to customers in the third quarter, representing a 47% increase from the prior quarter.
- Shares of Rivian are still in recovery mode after shedding more than $120 billion in market value since its November 2021 peak.
Rivian stock surged as much as 12% on Tuesday after the EV maker reiterated its prior guidance of producing 25,000 vehicles this year.
That affirmation of its 2022 target gave confidence to investors that have been on edge about ongoing supply chain disruptions in the auto market, as evidenced by recent woes experienced at Ford.
Rivian said it produced 7,363 vehicles in the third quarter and delivered 6,584 vehicles to customers. The company did not breakdown the production and delivery split between its R1S and R1T electric trucks.
To meet its full-year production guidance, Rivian will have to produce at least 10,683 vehicles in the fourth quarter.
Meanwhile, Rivian's third-quarter deliveries were up 47% relative to the second quarter, and up 437% from the company's first-quarter deliveries.
The company is clearly ramping up, but it's still losing a lot of money. Rivian registered more than $3 billion in losses during the first half of the year, and the losses are expected to continue for years to come, according to analyst estimates.
And with stock market investors shifting their focus toward profits rather than growth, it's going to be an uphill climb for Rivian as it expands production. After peaking in November 2021 shortly after its IPO, Rivian has shed about $120 billion in market value.
Rivian's guidance update on Tuesday, combined with Cathie Wood buying the dip in Tesla stock during its 9% decline on Monday, helped drive a pop in the electric vehicle stocks early Tuesday.