Friday, November 22, 2024
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Rivian shares pop on better-than-expected Q2 deliveries

Rivian delivered 12,640 electric vehicles in the second quarter, a nearly three-fold increase from the same period last year when the EV upstart was in the thick of supply chain problems.

Rivian also reported that it produced 13,992 vehicles in the second quarter. Both results were far better than Wall Street’s expectations, sending shares flying up more than 16%. Shares are now up more than 12% at $18.70.

Rivian said it believes it is on track to deliver on the 50,000 annual production guidance previously provided. Rivian has produced 9,395 vehicles in the first quarter, bringing its total production through the first half of the year to 23,387 vehicles.

Rivian produces four vehicles: its two consumer vehicles, the R1T truck and R1S SUV, and two versions of its commercial van. The company struggled with production problems early on, which was compounded by persistent supply chain issues.

Those bottlenecks have started to open up as supply chain issues have eased. Rivian has also worked on the efficiency within its Normal, Illinois factory and developed its own drive unit called the Enduro to reduce costs and lessen its dependency on suppliers.

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