Rivian’s quarterly deliveries beat analysts’ forecasts, shares jump 17%
Electric vehicle startup Rivian delivered 12,640 vehicles in the second quarter, beating analysts’ expectations and sending its shares higher.
Image credit: RivianImage credit: Rivian
(130.22, -0.14, -0.11%)a total of 13,992 vehicles between April and June , including the R1T pickup , R1S crossover and EDV delivery for Amazon car. However, Rivian did not give specific production or delivery figures for each model.
Compared with the performance in the first quarter, Rivian’s performance in the second quarter was even more outstanding. During the first quarter, the company produced 9,395 new vehicles at its Normal, Illinois, plant and delivered 7,946 vehicles. For the first half of the year, Rivian delivered 20,586 vehicles and produced 23,387 vehicles.
Rivian’s battered stock price rose about 17% on July 3 after the production and sales figures were released . However, the company’s shares are still down about 85% from their November 2021 post-IPO highs. While Rivian’s products have been well-received, the company said supply chain shortages and other manufacturing issues have resulted in lower production than initially expected.
Rivian CEO RJ Scaringe said in May that production of the R1 model was ramping up to meet strong demand. Needham analyst Chris Pierce told Reuters, “All the automakers have supply chain issues in 2021 and 2022, but things seem to be turning around for Rivian. Looking at their second-quarter numbers, they have 50,000 vehicles this year. Production targets appear to be fully achievable.”
The last time Rivian reported its order backlog was in November 2022. At the time, the company said it had 114,000 orders for the R1T pickup and R1S crossover in the U.S. and Canada, plus a standing order for 100,000 EDVs from Amazon.