- Rivian produced 4,401 vehicles during Q2.
- RIVN stock rallied 10.4% on this production news.
- The EV automaker may now meet annual production goals.
Rivian (RIVN) stock blasted off in a way it has not been used to since the first heady days following its IPO last November. Just released production data shows that Rivian appears to be moving in the right direction. The EV automaker said it manufactured 4,401 vehicles during the second quarter that ended in June and delivered 4,467 vehicles during the period as well. Shares are up another 1% to $29.95 in Thursday's premarket.
Rivian Stock News: Management holds tight to 25k production goal
These figures were key to observers as the Rivian management reiterated its guidance that it will produce 25,000 vehicles total for the full year. This will require heavy ramping up of existing production because year-to-date Rivian has produced only around 8,000 units. 25,000 units will require a more than doubling of capacity from the first half of the year.
Rivian currently produces the R1T pick-up truck and the R1S SUV, as well as the EDV delivery van that Amazon originally agreed to buy 100,000 units of. As production of the EDV got pushed back earlier this year, Rivian's stock began crashing from its post-IPO heights after Amazon began signing deals with Stellantis to produce electric delivery vehicles.
The R1T starts at $67,500, and the R1S has an initial price of $72,500 for the entry-level model. When Rivian decided to raise prices earlier this year due to increased material costs on customers who had already supplied downpayments, enough customers threatened to pull their reservations that Rivian relented.
Rivian Stock Forecast: RIVN sees resistance between $30.70 and $34.28
Although RIVN stock continues to see optimism in Thursday's premarket, bulls have their work cut out for them. As can be seen on the daily chart below, a number of resistance bands sit close together above the current price. First, comes $30.70, resisistance from May through July. Then there is the range high from May 31 and June 2 at $32.60. Above that is more resistance from April 22 through May 4 at $34.28.
The Moving Average Convergence Divergence (MACD) did just perform a bullish crossover on Wednesday, but now it needs to continue this through the zero threshold to demonstrate that a serious rally is in the works. The 9-day moving average also needs to confirm a rally by crossing above its 21-day counterpart. Long-term support remains at the May 11 low of $19.25.
RIVN daily chart
