By Sam Boughedda
Investing.com — Shares of Amazon-backed Rivian Automotive Inc (NASDAQ:RIVN) were given a boost Wednesday afternoon after Bloomberg reported the company will ramp up its debut electric vehicle production to nearly 200 units per week after missing production goals in 2021.
Production issues at its Normal, Illinois, plant caused by Covid-19 had impacted its ability to achieve targets for 2021, while Rivian paused production for a week to improve processes, according to Bloomberg's Edward Ludlow.
Rivian shares are currently up 7% after initially jumping 14% on the back of the report.
Before the opening bell, analysts at JPMorgan trimmed their price target on Rivian to $84 from $104, keeping a neutral rating. JPM analyst Ryan Brinkman lowered his expectation for the company's fourth quarter builds to 800 from 900. However, he explained it has no impact on his valuation.