Rivian stock rallies after reporting ‘in line’ delivery, production data

Shares of Rivian Automotive Inc. rallied 3.7% in premarket trading Wednesday, after the electric vehicle maker reported second-quarter deliveries and production that was “in line with the company’s expectations.” The company said it delivered 4,467 EVs during the quarter, and produced 4,401 EV as its manufacturing facility in Normal, Illinois. The company said it was on track to reach its annual production target of 25,000 EVs. The stock has plunged 74.1% year to date through Tuesday, while shares of larger rival EV maker Tesla Inc. have slumped 33.8% and the S&P 500 has lost 19.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.