Rivian shares posted better-than-expected second-quarter deliveries

Image credits: Rivian

Rivian delivered 12,640 electric vehicles in the second quarter, nearly three times more than the same period last year when the EV startup was in the throes of supply chain woes.

Rivian I mentioned too It produced 13,992 vehicles in the second quarter. Both results were much better than Wall Street’s expectations, sending shares up more than 16%. Shares are now up more than 12% to $18.70.

Rivian said it believes it is on track to deliver the 50,000 annual production guidance it had previously provided. Rivian produced 9,395 vehicles in the first quarter, bringing its total production for the first half of the year to 23,387 vehicles.

Rivian produces four vehicles: two consumer vehicles, the R1T truck and R1S SUV, and two versions of its commercial truck. The company experienced production problems early on, exacerbated by ongoing supply chain issues.

Those bottlenecks are starting to open up as supply chain issues ease up. Rivian has also worked on efficiency within its Normal, Illinois plant and developed its own drive unit called the Enduro to reduce costs and reduce its dependence on suppliers.