Rivian’s stock surged by over 13% on Monday morning after its actual production and sales came out greater than forecasted estimates. The EV maker Rivian (RIVN) delivered 12,640 electric vehicles, going back on track to reach its year-end goal of 50,000 vehicles.
According to FactSet data, trading volume rose to 78.8 million shares, as against the daily average over the past 30 days of about 29.7 million shares. The stock also spiked 45.4% amid a five-session win streak.
Rivan started the year slow after it produced 9,395 vehicles in the first quarter and delivered 7,946. Then they said they were retooling its EDV assembly line (to add its new in-house Enduro drive units) would slow progress.
Rivan was right when they said the factory modification then, would help accelerate output throughout the year by streamlining production and slashing costs.
Rivian produced 13,992 EVs at its Normal, Illinois, facility in Q2 2023, an increase of 48% from the first quarter. The number stomped expectations, with analysts forecasting around 11,000 deliveries in the second quarter.
Rivian’s CFO Claire McDonough, during an interview last month, said that the company was beginning to see some relief regarding the supply chain issues that have plagued the industry over the past several years.
She also revealed that Rivian’s Enduro production ramp is ahead of schedule, with the first saleable R1 series model fitted with the in-house drive unit rolling off the production line in Q2.
Rivan is seeing a “robust backlog of preorders that extends into 2024″, she said, as the company shifts focus to R1S electric SUV production to meet the demand.
It might be a good season for EV makers as Tesla also crushed expectations, after it delivered over 466,0000 electric models in the second quarter of 2023, as against estimates from analysts which was put at 448,000 units.