Rivian’s tighter production/delivery gap shows demand strength, says Truist

Truist keeps a Buy rating and $30 price target on Rivian after its Q3 production and delivery data. The output figures of 16.3K units were ahead of expectations, putting the company just shy of 40K vehicles produced this year, and the tighter gap between production/deliveries is a “clear demonstration” of continued demand strength for Rivian’s R1s and EDVs, the analyst tells investors in a research note. The decline in the stock price was likely a “sell the news” event as the data was a “positive” for the company, the firm adds.