Rivian Automotive (RIVN 5.35%) shares continued to march higher today, extending double-digit gains for the week. After jumping nearly 5%, as of 10:50 a.m. ET Friday morning Rivian shares were still higher by 2.4% today. The stock has risen more than 10% for the week.
Planning the future
Investors are looking to the company's future and feeling more optimistic this week. That feeling was boosted by an announcement from the company yesterday regarding its future plans.
Rivian named the plant manager for its important Georgia manufacturing plant as it gets closer to the construction phase. The company said Arnhelm Mittelbach joined Rivian this week, and will now be in charge of the Georgia facility that is set to begin construction in the coming months.
Mittelbach is a 20-year auto industry veteran who has worked in several leadership positions with Mercedes-Benz. He will report directly to Rivian Chief Operating Officer Frank Klein.
Important company role
Rivian previously said site preparation is underway and it plans to hold a groundbreaking ceremony early next year at the planned 400,000-vehicle annual capacity plant. The facility will play a key role in Rivian's future viability.
The high-end consumer electric trucks it currently builds at its Illinois plant have a limited customer base. Based on its Q2 reported sales and deliveries, Rivian's price per vehicle was slightly more than $80,000.
The Georgia plant will launch Rivian's next-generation R2 platform, which is expected to lead to lower-cost vehicle offerings. The company plans to launch those models in 2026 and hopes they will appeal to a mass consumer base. The company now has a leader to steer the facility that Rivian is counting on to vault it to its next leg of growth.
