Shares of Rivian Automotive Inc (NASDAQ: RIVN) are up nearly 10% in extended trading after the electric vehicles manufacturer reported its best quarterly production number to date.
Rivian produced over 7,000 vehicles in Q3
On Monday, Rivian said it produced more than 7,363 vehicles in the third quarter. Shares also got a boost after the Nasdaq-listed firm confirmed it was on track to produce 25,000 vehicles this year.
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14,317 of these it has already produced through the third quarter. On TD Ameritrade Network, Landon Swan of LikeFolio said:
Rivian has the most increase in purchase intent year-over-year and almost the happiest customers. They’re already fetching a premium from investors because the growth expectation is so high. It’s just like Tesla a few years ago.
Rivian shares are a long-term bet
According to Rivian, it delivered 6,584 vehicles this quarter. The EV maker, however, did not break it down by model. Swan added:
This is an aggressive company to be an investor in. It’s a moonshot. They’ve got a long road ahead of them and a bet on this company is a long-term bet.
In 2021, electric vehicles doubled to make up 9.0% of the car market. Last week, Truist recommended buying Rivian shares and said they had upside to $65.
Shares are currently down more than 60%% for the year.
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