Topline
Rivian’s stock closed up more than 17% Monday after revealing it sailed over Wall Street expectations on electric vehicle deliveries, notching 12,640 deliveries in its second quarter.
Key Facts
The company’s stock peaked at $19.69 Monday, eventually closing up more than 17% at $19.56—a figure Rivian has not reached since February.
The increase in share price continues a large upswing that began after June 26, when shares of Rivian closed at $13.45.
The 12,640 deliveries made by Rivian in the second quarter beat Visible Alpha estimates of 11,000 vehicles.
In that same period, the EV producer made 13,992 vehicles, exceeding first quarter production by more than 4,500 units.
Key Background
Rivian, which produces electric pickups and SUVs, has experienced a mostly struggling stock so far this year, trading as low at $12 a share in late April. The company has posted weak revenue figures this year and lost $6.8 billion last year as production numbers failed to grow. However, Monday’s trading day put the company’s stock up nearly 3% on the year. Last month, Rivian followed Ford and GM’s lead when it announced Tesla’s Supercharger network would become available to Rivian owners, and that Tesla charging ports will be incorporated into its vehicles starting in 2025.
Tangent
Fellow EV producer Tesla announced Sunday it delivered more than 465,000 vehicles globally during the second quarter. Like Rivian, the company’s stock increased significantly Monday, closing up nearly 7% at $279.82.
What To Watch For
The second quarter production figures released by the company were published independently from its second quarter financial results, which will arrive after market close on August 8. Rivian said in a statement it believed it was on track to deliver on the 50,000 annual production guidance it previously issued.
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Rivian beats estimates for second-quarter EV deliveries, shares jump (Reuters)
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