Rivian (RIVN) jumps 14% after smashing 2Q delivery estimates

Shares of California-based electric automaker, Rivian (RIVN) surged almost 14% in early trading Monday after the EV start-up overcame Wall Street expectations to deliver 12,640 vehicles in the second quarter. A 59% increase over last year’s delivery results.

It produced 13,992 vehicles at its manufacturing facility in Normal, Illinois during the same period, 4,597 more than in the first quarter.

The company, which has been struggling with supply chain hurdles, reiterated its annual production target of 50,000 units.

"These figures remain in line with the company's expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided," Rivian said in a statement. The data comes after EV giant Tesla Inc. (NASDAQ: TSLA) announced over the weekend second-quarter deliveries rose to a record, and well above expectations.

The company also announced that on August 8th, after market close, it will release its second quarter 2023 financial results.

Shares of RIVN are up 14.02% in early trading on Monday.

By Michael Elkins | [email protected]

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