13,992 electric vehicles made in Second quarter and sold 12,640 units. Investors are happy.
Rivian stock was up nearly 8% in early trading Monday at about $18 per share.
was down 0.2%.
was up about 0.2%. Monday’s early gains lifted Rivian’s shares by about 25% over the past month.
Growth is the reason. Production increased by more than 200% year-on-year and 9,395 vehicles were produced in the first quarter. Sales grew nearly 180% year over year and exceeded 7,946 sold in the first quarter.
Setting expectations helps, too. Wall Street was looking for delivery of about 11,000 units. More deliveries means more sales and is expected to result in a lower-than-expected loss in the second quarter.
Rivian plans to produce about 23,000 units in 2023 and is on track to hit a full-year target of about 50,000 units. If Rivian repeats the second quarter figures in Q3 and Q4, it will make about 51,000 units for the full year in 2023.
Increasing production shows that the company is moving towards increasing production. It also suggests that supply-chain issues responsible for slower than expected growth in recent quarters are easing.
Rivian isn’t the only solid EV result.
(TSLA) delivered over 466,000 vehicles, a record.
The stock was up about 6.6% in early trading at about $279 per share.
(1211.Hong Kong) delivered nearly 128,000 battery-electric vehicles in June, also a record for the company. It delivered nearly 350,000 battery-electric vehicles in the second quarter.
BYD stock rose 4.5% in overseas trading on Monday.
Electric vehicles are selling well around the world, which is good news for all EV makers, as long as they can keep up with the growth.
Write to Al Root at firstname.lastname@example.org