People walk in front of electric truck maker Rivian’s newly opened store in the Meatpacking District of Manhattan, New York City, June 23, 2023.
Spencer Pratt | Getty Images
shares of Rivian Automotive It rose 17.4% on Monday after the electric car maker beat Wall Street expectations in its quarterly shipments.
Rivian on monday The company delivered 12,640 vehicles in the second quarter, up 59% from the previous quarter and beating analysts’ expectations of 11,000, according to estimates compiled by FactSet.
The automaker, which makes consumer electric R1T pickups and R1S SUVs, also reiterated its target of producing 50,000 vehicles a year. By the second quarter, Rivian had produced about 23,400 vehicles, including electric delivery vans and consumer models.
Monday’s gains sent Rivian shares higher for the first time since late February. The stock will rise about 5% in 2023. Rivian closed Monday at $19.56 per share, its highest closing price since February.
The company is taking longer than expected to build its EVs. It has also worked to cut spending to save cash.
Rivian Results Will Be Announced A Day After EV Leaders Tesla announced that it delivered 466,140 vehicles worldwide in the second quarter, also exceeding analyst expectations.
Both automakers’ better-than-expected deliveries bode well for investors bullish on electric-vehicle stocks and the rise of emerging vehicles.
Stock prices of EV start-up companies that are in a predicament such as lucid, canoe Others rose after Tesla and Rivian announced deliveries.
