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Rivian Needs to Sharply Ramp Up EV Production to Meet 2022 Targets — Wall Street Is Betting It Can

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EV startup Rivian Automotive told investors in March that it will produce 25,000 vehicles in 2022. It has three months and a seemingly tall order to get there.

In a Monday evening note, Canaccord Genuity's George Gianarikas pointed out that Rivian's production rate has gone from an average of about 78 vehicles per week in the fourth quarter of 2021 to about 566 per week in the third quarter of 2022.

"We estimate this is achievable," Gianarikas wrote. Gianarikas rates Rivian's stock as a"buy," with a price target of $61. Rivian currently trades for about $35 per share.

 

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Rivian hits target, delivers record of 25,000 vehiclesWith a total of 14,317 vehicles produced so far this year, Rivian has to make more than 10,500 units in the last three months of the year to meet its production target. Psst: Rivian. Roads. They exist. Check ‘em out. There are many of them. You don’t need to destroy streams for photo shoots.
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