Shares of Rivian Automotive Inc. RIVN, -9.33% rallied 2.9% in premarket trading Wednesday, to buck the weakness in the broader market, after the electric vehicle maker reported first-quarter production and deliveries data that the company said were in line with its expectations. The rally comes as futures ES00, -0.72% for the S&P 500 SPX, -1.26% dropped 0.7% ahead of Wednesday’s open, and a day after Rivian’s stock tumbled 9.3%. The company said late Tuesday that it produced 2,553 vehicles for the quarter to March 31 and delivered 1,227 vehicles. The company said it believes it is “well positioned” to meet its annual production guidance of 25,000 vehicles. Baird analyst George Gianarikas said that after production disappointments since the company went public in November, “we are encouraged with stabilizing expectations.” He said he’s also encouraged that production has begun to ramp in the face of supply chain issues. He reiterated his outperform rating and $84 stock price target.
