As second-quarter EV deliveries exceed expectations, Rivian shares rise
After the manufacturer of electric vehicles exceeded Wall Street projections for quarterly deliveries, Rivian Automotive’s stock price increased 17.4% on Monday.
According to estimates published by FactSet, Rivian recorded 12,640 vehicle deliveries for the second quarter, jumping 59% from the prior quarter and exceeding analyst projections of 11,000 vehicles.
The carmaker, which creates electric R1T pickup trucks and R1S SUVs for the general public, also reaffirmed its goal of 50,000 units produced year. Through the second quarter, Rivian produced about 23,400 vehicles, including electric delivery trucks and consumer models.
For the first time since late February, Rivian’s stock is now in the black thanks to Monday’s gain in share price. In 2023, the stock is up around 5%. The closing price for Rivian on Monday was $19.56 per share, which was the highest since February.
The company’s EV production has taken longer than anticipated. To save money, it has also tried to cut back on its spending.
The numbers from Rivian come a day after the leader in electric vehicles, Tesla, reported delivering 466,140 vehicles globally during the second quarter, exceeding analyst projections as well.
