People walk past electric truck maker Rivian’s newly opened storefront in Manhattan’s Meatpacking District on June 23, 2023 in New York City.
Spencer Pratt | Getty Images
shares rivian car The electric automaker’s quarterly deliveries topped Wall Street expectations, sending shares up more than 16% in early trading on Monday.
Rivian on Monday Deliveries of 12,640 vehicles were delivered in the second quarter, up 59% from the previous quarter and beating analysts’ expectations of 11,000 vehicles, according to analyst estimates compiled by FactSet.
The automaker, which makes the electric R1T pickup and R1S SUV for consumers, also reiterated its annual production target of 50,000 vehicles. Rivian produced about 23,400 vehicles through the second quarter, including electric vans and consumer models.
Monday’s gains pushed Rivian shares up for the first time since late February. The stock is currently on track to gain nearly 3% through 2023.
The company has been taking longer than expected to produce electric vehicles. It’s also working to reduce spending to conserve cash.
Rivian’s earnings release lags EV leader by a day tesla It said it delivered 466,140 vehicles globally in the second quarter, also beating analysts’ expectations.
Better-than-expected deliveries from both automakers bode well for investors bullish on electric vehicle stocks and emerging vehicle adoption.
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