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Rivian Delivers Q3 Production Update, Maintains Output Guidance; Shares Rally

By Yasin Ebrahim

Investing.com -- Rivian reported Monday third-quarter deliveries that were in line with its expectations and said it was on track to meet its annual production guidance.

Rivian Automotive (NASDAQ:RIVN) was up more than 9% afterhours trading following the report.

The company produced 7,363 vehicles in the third quarter of the year, and handed over about 6,584 vehicles to customers.

Looking ahead, the company maintained its annual production outlook of 25,000.

The update from Rivian comes ahead of what some on Wall Street see as a "major inflection year" for the electric pickup vehicle market, with traditional automakers such as General Motors (NYSE:GM) and Ford (NYSE:F) and stalwarts such as Tesla (NASDAQ:TSLA) set to ramp-up competition in the EV pickup market in 2023.

"Ford's F-150 Lightning, GM's Silverado, and Tesla's Cybertruck are on the near-term map battling for consumers," Wedbush said in a September note.

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