Rivian achieved a significant increase in deliveries during the second quarter, delivering 4,467 vehicles, compared to 1,227 in the first quarter. This boosted the company’s shares by 14.3% to $30.13 during morning trading.
The results exceeded analysts’ expectations, who had predicted around 4,000 vehicle deliveries. Rivian attributed this success to a manufacturing ramp-up at its plant in Normal, Illinois, allowing them to meet the strong demand for their vehicles, despite the overall slowdown in the auto market.
RJ Scaringe, the CEO of Rivian, expressed confidence in the company’s ability to meet its annual production target of 25,000 vehicles, stating they were on track to achieve their long-term goals.
These positive results are crucial for Rivian, which has faced challenges in scaling up production due to supply-chain disruptions. However, the company’s progress could attract more investors and customers, strengthening its position in the electric vehicle market.
