People walk past the newly opened electric truck maker Rivian store within the Meatpacking district of Manhattan, June 23, 2023, Recent York City.
Spencer Platt | Getty Images
Actions Rivian Automotive jumped 17.4% on Monday after the electric vehicle maker beat Wall Street expectations for quarterly deliveries.
Rivian on Monday reported 12,640 vehicle deliveries within the second quarter, up 59% from the previous quarter, and surpassed analyst expectations of 11,000 vehicles, in accordance with estimates compiled by FactSet.
The automaker, which produces R1T electric pickups and R1S SUVs for consumers, also reiterated its annual production goal of fifty,000 units. Rivian produced around 23,400 vehicles within the second quarter, including electric vans and consumer models.
Share price rise on Monday pushes Rivian shares into the green for the primary time since late February. The stock is up about 5% in 2023. Rivian closed Monday at $19.56 a share – its highest closing price since February.
The corporate took longer than expected to construct its electric vehicles. He also worked to cut back expenses to avoid wasting money.
Rivian’s results come a day after the EV leader Tesla said it delivered 466,140 vehicles worldwide within the second quarter, also exceeding analyst expectations.
Higher-than-expected deliveries for each automakers are good signs for investors who are optimistic about electric vehicle stocks and recent vehicle adoption.
Stocks of struggling EV startups such as Transparent, kayak and others rose after Tesla and Rivian reported deliveries.