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, including electric delivery vans and consumer models.
The increase in share price Monday pushes Rivian’s stock into the green for the first time since late February. The stock is now up nearly 3% in 2023.
The company has taken longer than expected to build its EVs. It has also worked to reduce its spending to conserve cash.
Rivian’s results come a day after EV leader Tesla said it delivered 466,140 vehicles globally during the second quarter, also topping analyst expectations.
The better than expected deliveries for both automakers are good signs for investors who are bullish on EV stocks and adoption of the emerging vehicles.
Shares of embattled EV startups such as Lucid, Nikola and others rose after Tesla and Rivian reported delivery numbers.