People walk by electric truck maker Rivian’s newly opened storefront within the Meatpacking District of Manhattan on June 23, 2023 in Recent York City.
Spencer Platt | Getty Images
Shares of Rivian Automotive jumped 17.4% on Monday after the electrical vehicle maker beat Wall Street expectations for quarterly deliveries.
Rivian on Monday reported 12,640 vehicle deliveries through the second quarter, up 59% from the previous quarter and topping analyst expectations of 11,000 vehicles, in line with estimates compiled by FactSet.
The automaker, which makes electric R1T pickups and R1S SUVs for consumers, also reiterated its annual production goal of fifty,000 units. Rivian produced roughly 23,400 vehicles through the second quarter, including electric delivery vans and consumer models.
The rise within the share price Monday pushes Rivian’s stock into the green for the primary time since late February. The stock is up about 5% in 2023. Rivian closed Monday at $19.56 per share – the very best closing price since February.
The corporate has taken longer than expected to construct its EVs. It has also worked to scale back its spending to conserve money.
Rivian’s results come a day after EV leader Tesla said it delivered 466,140 vehicles globally through the second quarter, also topping analyst expectations.
The higher-than-expected deliveries for each automakers are good signs for investors who’re bullish on EV stocks and the adoption of the emerging vehicles.
Shares of embattled EV startups corresponding to Lucid, Canoo and others rose after Tesla and Rivian reported delivery numbers.
