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Rivian shares surge as second-quarter EV deliveries top estimates

BusinessRivian shares surge as second-quarter EV deliveries top estimates

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People walk by electric truck maker Rivian’s newly opened storefront in the Meatpacking District of Manhattan on June 23, 2023 in New York City.

Spencer Platt | Getty Images

Shares of Rivian Automotive jumped more than 16% in early trading Monday after the electric vehicle maker beat Wall Street expectations for quarterly deliveries.

Rivian on Monday reported 12,640 vehicle deliveries during the second quarter, up 59% from the previous quarter and topping analyst expectations of 11,000 vehicles, according to analyst estimates compiled by FactSet.

The automaker, which makes electric R1T pickups and R1S SUVs for consumers, also reiterated its annual production target of 50,000 units. Rivian produced roughly 23,400 vehicles through the second quarter.

This is breaking news. Please check back for additional updates.

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