Why Rivian Shares Shot Higher Today

Shares of Rivian Automotive (NASDAQ: RIVN) spiked higher Tuesday morning after the EV start-up released its third-quarter production update. Yesterday, Tesla disappointed investors with its quarterly delivery update, but it still posted growth of 42% compared to the prior-year period. Investors are gaining confidence that Rivian can become a major player in the industry given evidence that demand remains strong and the fact that it has been able to significantly ramp up production.