Rivian Automotive Inc.’s shares rose after the automaker reported progress in ramping up production and reaffirmed its goal to build 25,000 electric vehicles this year.
The maker of the R1T pickup and R1S sport utility vehicle produced 7,363 vehicles in the third quarter and delivered 6,584 to customers, according to a statement. That’s up from 4,401 vehicles built in the prior quarter and 4,467 handed over to owners.
Analysts at Oddo BHF noted that Rivian delivered nearly 90% of its quarterly production in the period, a sign it has improved its transportation logistics.
The production and deliveries were in line with expectations, Irvine, California-based Rivian said. The company also manufactures electric delivery vans for Amazon.com Inc., one of its biggest shareholders. It has a contract to deliver 100,000 vehicles to the e-commerce giant by the end of the decade.
Rivian’s goal of producing 25,000 EVs this year across all its lines means it will have to build about 10,000 units in the final three months of this year.