Folks stroll by electrical truck maker Rivian’s newly opened storefront within the Meatpacking District of Manhattan on June 23, 2023 in New York Metropolis.
Spencer Platt | Getty Photos
Shares of Rivian Automotive jumped greater than 16% in early buying and selling Monday after the electrical automobile maker beat Wall Road expectations for quarterly deliveries.
Rivian on Monday reported 12,640 automobile deliveries through the second quarter, up 59% from the earlier quarter and topping analyst expectations of 11,000 autos, in keeping with analyst estimates compiled by FactSet.
The automaker, which makes electrical R1T pickups and R1S SUVs for customers, additionally reiterated its annual manufacturing goal of fifty,000 items. Rivian produced roughly 23,400 autos via the second quarter, together with electrical supply vans and shopper fashions.
The rise in share worth Monday pushes Rivian’s inventory into the inexperienced for the primary time since late February. The inventory is now up almost 3% in 2023.
The corporate has taken longer than anticipated to construct its EVs. It has additionally labored to reduce its spending to preserve money.
Rivian’s outcomes come a day after EV chief Tesla stated it delivered 466,140 vehicles globally through the second quarter, additionally topping analyst expectations.
The higher than anticipated deliveries for each automakers are good indicators for traders who’re bullish on EV shares and adoption of the rising autos.
Shares of embattled EV startups comparable to Lucid, Nikola and others rose after Tesla and Rivian reported supply numbers.
