Rivian’s stock increased on Tuesday after the electric vehicle manufacturer reported quarterly delivery figures that significantly surpassed forecasts.
The California-based company announced it delivered 13,790 vehicles in the second quarter, representing a 9.1% increase from the same period last year.
This total exceeded the FactSet consensus estimate of 12,000 EVs by a margin of 14.9%, the largest recorded since the data began being tracked by FactSet. Consequently, Rivian’s shares rose 3.1% in morning trading.
This rise follows a record single-day increase of 23.2% on June 26, driven by Volkswagen’s announcement of plans to invest up to $5 billion in Rivian. The partnership with Volkswagen is seen as a major boost for Rivian’s future prospects.
Amazon remains Rivian’s largest shareholder, holding about 16% of the company, according to FactSet.
In addition to the delivery figures, Rivian reported producing 9,612 vehicles during the second quarter, a 31.3% decrease from the previous year. Despite this decline, the company maintained its 2024 production target of 57,000 vehicles.
Rivian plans to release its full second-quarter financial results on August 6, after the market closes. While Rivian’s stock has increased 70.4% since hitting a record low of $8.40 on April 15, it remains down 38.8% for the year.
Earlier today, Tesla announced its Q2 delivery numbers, which also beat analyst expectations, causing the company’s stock to surge nearly 10%.
