Rivian stock rises amid jump in EV production figures

Yahoo Finance Live checks out EV developer Rivian's stock following reports of boosted production numbers.

Video transcript

DAVE BRIGGS: My play is Rivian, symbol RIVN. It's a trending ticker on Yahoo Finance today. Shares jumping big time on news the EV maker produced 7,363 electric pickups and SUVs. That is a 67% quarter over quarter increase-- significant. Deliveries came in at 6 6,534.

The company now, most importantly, believes it's on track to deliver on their 25,000 annual production guidance previously provided. That's not easy to do. Rivian's now produced just over 15,000 vehicles so far in 2022. They would need to ramp it up to 10,000 vehicles in Q4 to achieve that goal. We've never seen that from Rivian. They're losing some killer cash, $1.7 billion per quarter right now.

Comes after some bad news earlier this week as well. A Georgia court rejected a joint proposal to secure local tax incentives for Rivian's $5 billion manufacturing plant in the state. Shares popped big time, 13% up. Still, though, down 65% year to date for a car people love if they can hit those targets, Rachelle.

RACHELLE AKUFFO: I mean, that's a big if. I'm looking at some of these analysts' comments here about some of Rivian's productions here. They're saying, we actually believe it's going to continue to fall short. That is CFRA analyst Garrett Nelson saying that in a note. And we know that Rivian was already off to a slow start. It was already started off having some of these production issues.

So I think maybe that's why analysts aren't completely sold on whether or not Rivian can deliver. And obviously, at a time when you're looking at some of these supply chain issues still being worked out, even among other car companies. So could be slightly more treacherous days ahead. But at least, they're trying to reach these targets. We'll see if they do.

DAVE BRIGGS: All right, sounds good. That'll do it for Triple Play.