People walk past electric truck maker Rivian’s newly opened store in Manhattan’s Meatpacking District on June 23, 2023 in New York City.
Spencer Platt | Getty Images
shares Rivian Motors It jumped 17.4% on Monday after the electric car maker beat Wall Street expectations for quarterly delivery.
On Monday, Rivian reported deliveries of 12,640 vehicles during the second quarter, up 59% from the previous quarter and exceeding analyst expectations of 11,000 vehicles, according to estimates compiled by FactSet.
The automaker, which makes R1T electric pickups and R1S consumer SUVs, reiterated its annual production target of 50,000 units. Rivian produced nearly 23,400 vehicles during the second quarter, including electric delivery vans and consumer models.
Monday’s stock price increase pushed Rivian stock into the green for the first time since late February. The stock is up about 5% in 2023. Rivian stock closed Monday at $19.56 a share — its highest closing price since February.
The company has taken longer than expected to build its electric vehicles. It also worked to reduce its spending to preserve liquidity.
Rivian’s results come a day after the EV Commander’s debut Tesla It said it delivered 466,140 vehicles globally during the second quarter, also exceeding analysts’ expectations.
Better-than-expected deliveries for both automakers are good signs for investors optimistic about emerging EV stocks and vehicle adoption.
Stocks of embattled EV startups such as LucidAnd Kano Other prices rose after Tesla and Rivian reported delivery numbers.