Rivian Automotive Inc. has told employees that production of 62,000 electric vehicles is possible this year, according to people familiar with the matter, an increase from the production target it told investors on Feb. 28.
The Irvine, Calif.-based company’s production master plan is to build as many as 62,000 units, executives told staff at an all-hands meeting on March 3, according to the people, who asked not to be identified discussing private information.
Rivian shares extended their gains after publication of the Bloomberg report, rising as high as $17.48, or 11%. They were trading at $16.84 as of 3:25 p.m. on March 3 in New York.
