Rivian Stock Soars on Production Announcement

Record High for Electric Vehicle Maker

Shares Jump 10% After Company unveils ambitious production plan

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Rivian Automotive Inc (RIVN) stock surged to a record high on Monday after the electric vehicle maker unveiled plans to significantly increase production in the coming years. The stock jumped by more than 10% in pre-market trading, reaching an all-time high of $124 per share.

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The surge in Rivian stock price was driven by the company's announcement that it plans to produce 250,000 vehicles annually by 2025. This is a significant increase from the company's previous target of 150,000 vehicles per year. Rivian also said that it plans to invest $10 billion in a new electric vehicle plant in Georgia.

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The news of Rivian's ambitious production plans was met with enthusiasm by investors. The company's stock has been on a tear in recent months, as investors bet on the growing demand for electric vehicles. Rivian is one of the leading electric vehicle makers in the United States, and its R1T pickup truck and R1S SUV have been well-received by customers.

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The company's production plans are a sign of the growing confidence in the electric vehicle market. Many analysts believe that electric vehicles will eventually replace gasoline-powered vehicles, and Rivian is well-positioned to benefit from this trend.

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