Stock Market Today, Oct. 2: Rivian Beats Q3 Delivery Estimates on Record Production Pace
Rivian Automotive (NASDAQ:RIVN), the maker of electric pickup trucks, SUVs, and commercial delivery vans closed at $14.30, down 3.12%. Shares spiked at the open after the positive Q3 delivery news was announced. Still, investors later focused on the unchanged full-year outlook and are watching for Rivian’s Oct. 29 full financial results.
Trading volume reached 59.1 million shares, coming in about 107% above its three-month average of 28.6 million shares. Rivian Automotive IPO’d in 2021 and has fallen 86% since going public.
The S&P 500 (SNPINDEX:^GSPC) closed at 7,723, up 0.74%, and the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 27,191, up 1.19%. Among electric vehicle (EV) manufacturers of automobiles and light trucks, Tesla closed at $370.59, up 4.65%, while Lucid Group closed at $4.13, down 1.43%, highlighting a mixed session for EV names.
Friday’s delivery update revealed 19,248 vehicles delivered and 19,751 produced. Those were strong numbers, but still in line with company expectations. It led Rivian to reaffirm its 2026 delivery outlook. That was underwhelming for investors, and Rivian stock gave back all the early gain and more.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.