Located in the Meatpacking District of Manhattan, Rivian’s newly opened storefront caught the attention of passersby. Founded in 2009, Rivian Automotive is a renowned electric truck manufacturer.
Shares of Rivian Automotive witnessed an impressive surge of over 16% in early trading on Monday. This surge came after the electric vehicle maker surpassed Wall Street expectations in their quarterly deliveries.
According to Rivian’s latest report, they successfully delivered 12,640 vehicles during the second quarter of the year, reflecting a 59% increase compared to the previous quarter. This figure surpassed the estimated delivery count of 11,000 vehicles compiled by FactSet.
Furthermore, Rivian, known for its electric R1T pickups and R1S SUVs, reaffirmed their commitment to their annual production target of 50,000 units. The automaker has already produced approximately 23,400 vehicles, including electric delivery vans and consumer models, in the second quarter.
With this positive news, Rivian’s stock has finally entered the green zone, marking a significant milestone since late February. In 2023 alone, the stock has seen an impressive increase of nearly 3%.
Rivian, however, faced delays in the production process of their electric vehicles, resulting in a longer timeframe than anticipated. The company is actively working on reducing spending to ensure financial stability.
These remarkable results from Rivian arrive on the heels of Tesla’s announcement. Tesla, the leading electric vehicle manufacturer, revealed that it delivered a total of 466,140 vehicles worldwide during the second quarter, exceeding analyst projections.
The better-than-expected delivery numbers from both Rivian and Tesla signal positive prospects for investors who have a bullish stance on EV stocks and believe in the widespread adoption of electric vehicles.
Following the release of delivery figures by Tesla and Rivian, embattled EV startups like Lucid, Nikola, and others experienced an upward surge in their share prices.
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