Rivian stock jumps after report saying factory is ramping production

Shares of Rivian Automotive Inc. RIVN, +1.11% rose more than 8% Wednesday, poised to end at their highest since Dec. 27. Bloomberg earlier Wednesday reported that Rivian is picking up the pace at its Normal, Ill., plant following a week-long production halt earlier this month. According to report, which cited people familiar with the issue, Rivian is working toward having almost 200 delivery-ready units a week after going through the production snags. Rivian stock is off 38% this month, compared with losses of around 7% for the S&P 500 index. SPX, -0.15% Rivian priced its upsized initial public offering in November at $78 a share, and the stock is off about 19% from the IPO price.