People walk past the newly opened storefront of electric truck maker Rivian in Manhattan’s Meatpacking District on June 23, 2023 in New York City.
Spencer Platt | Getty Images
Shares of Rivian Automotive rose 17.4% on Monday after the electric vehicle maker beat Wall Street expectations for quarterly deliveries.
Rivian on Monday reported 12,640 vehicle deliveries in the second quarter, up 59% sequentially and beating analyst expectations of 11,000 vehicles, according to estimates compiled by FactSet.
The automaker, which makes R1T electric pickups and R1S consumer SUVs, also reiterated its annual production target of 50,000 units. Rivian produced about 23,400 vehicles in the second quarter, including electric vans and consumer models.
Monday’s stock price surge pushes Rivian stock into the green for the first time since late February. The stock is up about 5% in 2023. Rivian closed Monday at $19.56 a share — its highest close since February.
The company has taken longer than expected to build its electric vehicles. Also, the company has been working to reduce its expenses to save cash.
Rivian’s results come a day after the EV leader Tesla said it delivered 466,140 vehicles worldwide in the second quarter, also beating analysts’ expectations.
Better-than-expected deliveries from both automakers bode well for investors bullish on EV stocks and new vehicle launches.
Stocks of embattled EV startups like Clear, canoe and others rose after Tesla and Rivian reported delivery figures.
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