Amazon-backed Rivian lifted its full-year production forecasts amid improving demand for its electrified trucks and SUVs following solid third quarter earnings late Tuesday.
shares jumped higher in pre-market trading Wednesday after the EV truckmaker defied industry concerns for a pullback in demand with upgrade production rates and an improved profit forecast.
Rivian added late Tuesday that its 2023 capital spending will come in around $1.1 billion, while guiding investors to negative adjusted earnings in the region of $4 billion. Rivian shares were marked 7.3% higher in pre-market trading to indicate an opening bell price of $18.69 each, a move that would extend the stock's six-month gain to around 35%.
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