Rivian shares show better deliveries than expected in the 2nd quarter

Image credit: Rivian

Rivian delivered 12,640 electric vehicles in the second quarter, nearly tripling from the same period last year when the EV upstart was amid supply chain problems.

Rivian also reported that it produced 13,992 vehicles in the second quarter. Both results were far better than Wall Street’s expectations, sending shares up more than 16%. Shares are now up more than 12% at $18.70.

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

Rivian produces four vehicles: the two consumer vehicles, the R1T truck and the R1S SUV, and two versions of the commercial van. The company struggled early on with production problems, which were compounded by persistent supply chain issues.

These bottlenecks have begun to open as supply chain problems have eased. Rivian has also worked on efficiency in its factory in Normal, Illinois and developed its own drive unit called Enduro to reduce costs and reduce dependence on suppliers.