Stocks In News: F, RIVN, FAZE
3:17 pm Tuesday, October 04th, 2022
Ford (NYSE:F) stock is rising higher on Tuesday as investors react to news of increasing electric vehicle (EV) sales from the automotive company. According to a Ford press release, the company’s EV sales for September 2022 tripled when compared to the same month in 2021. That had it selling 4,691 EVs during the month, which represents a 197.3% increase. Leading the Ford EV sales are its F-150 Lightning. The EV has sold a total of 8,760 units since making its debut in June. Adding to that, the Mustang Mach-E saw sales increase by 47.3% year-over-year.
Shares of Rivian (NASDAQ:RIVN) are rebounding higher after the electric vehicle (EV) company announced third-quarter production figures and reiterated its full-year production target of 25,000 vehicles. RIVN stock is up 10% on the news. For the quarter, Rivian produced 7,363 vehicles at its Normal, Illinois facility, a 67% increase in production compared to Q2’s figure of 4,401 vehicles. Of those vehicles, 6,584 of them were delivered to customers. The company currently boasts three vehicles in its portfolio, the R1S, R1T and the electric delivery van, or EDV, although sales of specific vehicles were not disclosed.
FaZe Clan (NASDAQ:FAZE) stock isn’t doing so hot on Tuesday as investors start to lose hope following its SPAC merger. The big news bringing FAZE stock down is a stock announcement from a few days ago. In that, the company revealed plans for a stock offering as a way to raise funds. This has it expecting to sell 70 million shares of its stock. Stock offerings often drop the value of a company’s shares. That’s due to the increase in stock diluting the stakes that current shareholders own. As a result, some seem to be abandoning ship as shares of FAZE stock are sinking as a result.
