Rivian Automotive (NASDAQ: RIVN) stock surged during intraday trading on Tuesday after the electric vehicle (EV) maker reported better-than-expected Q2 production and delivery figures.
Rivian has reported impressive production and delivery figures for the second quarter. The electric vehicle (EV) startup said it produced 9,612 vehicles and delivered 13,790 units in the quarter. These numbers beat analysts’ estimates, which had projected 8,700 vehicles produced and 11,510 vehicles delivered, per data compiled by Visible Alpha.
Comparatively, Rivian’s production figures reflect a decline from last year, when the company manufactured 13,992 vehicles. However, deliveries have increased from the previous year’s mark of 12,640, showcasing growth in market demand.
Rivian also reiterated its full-year production target of 57,000 vehicles, slightly above market expectations.
The company’s performance reflects a positive trend amidst a broader recovery in the global EV sector, following a challenging first half of the year. Competitors like Tesla (NASDAQ: TSLA) and various Chinese EV manufacturers have also reported stronger-than-expected production and sales figures. General Motors (NYSE: GM) notably recorded a 40% year-over-year increase in EV deliveries, underscoring growing momentum in the market.
Last week, RIVN shares jumped after it announced a strategic partnership with Volkswagen AG (OTC: VWAGY). This strategic collaboration brings billions in investment capital to Rivian and establishes a joint venture to develop EV technology and software, including self-driving features, over the coming years.
In addition, Rivian announced that it will release its quarterly earnings report on August 6 after markets close, providing further insights into its financial performance and strategic initiatives.
Rivian (NASDAQ: RIVN) Stock Reaction
RIVN stock jumped 6.97% on Tuesday, closing at $14.89, marking a 24.50% increase for the week. The trading volume was 88,608,928 shares, significantly higher than the average daily volume of 44.48 million.
