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Rivian Shares Jump on Reports It Is Increasing Pickup Production -Breaking

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© Reuters

Investing.com — Shares of Amazon-backed Rivian Automobile Inc (NASDAQ) received a boost Wednesday afternoon, after Bloomberg reported that the company would increase its first electric vehicle production by nearly 200 units per semaine after it missed production targets in 2021.  

Covid-19’s production issues in Normal, Illinois had affected the plant’s ability to meet its 2021 targets. Rivian, however, halted production for a week, to make improvements to processes.

Rivian shares currently are up 7%, after originally jumping 14% on account of the report.

JPMorgan analysts lowered their price target for Rivian from $104 to $84 before the bell rang. They maintained a neutral rating. Ryan Brinkman from JPMorgan lowered his estimate for the fourth quarter build to 800, down from 900. But, he said it doesn’t affect his valuation.

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