Rivian shares surge as second-quarter EV delivers high estimates

Shares of Rivian Automotive jumped 17.4% on Monday after the electrical car maker beat Wall Avenue expectations for quarterly deliveries.

Rivian on Monday reported 12,640 car deliveries in the course of the second quarter, up 59% from the earlier quarter and topping analyst expectations of 11,000 automobiles, based on estimates compiled by FactSet.

The automaker, which makes electrical R1T pickups and R1S SUVs for customers, additionally reiterates its annual manufacturing goal of fifty,000 models. Rivian produced roughly 23,400 automobiles by the second quarter, together with electrical supply vans and client fashions.

The rise within the share value Monday pushes Rivian’s inventory into the inexperienced for the primary time since late February. The inventory is up about 5% in 2023. Rivian closed Monday at $19.56 per share – the best closing value since February.

The corporate has taken longer than anticipated to construct its personal EVs. He has additionally labored to scale back his spending to preserve money.

Rivian’s outcomes come a day after EV chief Tesla stated it delivered 466,140 automobiles globally in the course of the second quarter, additionally topping analyst expectations.

The higher-than-expected deliveries for each automakers are good indicators for traders who’re bullish on EV shares and the adoption of the rising automobiles.

Shares of embattled EV startups comparable to Lucid, Canoo and others rose after Tesla and Rivian reported supply numbers.