EV maker Rivian’s deliveries nearly quadruple as it ramps up production
Rivian Automotive Inc delivered 4,467 vehicles in the second quarter, nearly four times more than the preceding quarter, as the electric-vehicle maker benefited from a ramp-up in production and strong demand.
The company also said on Wednesday it was on track to meet its annual production target of 25,000 units after output jumped 72% sequentially to 4,401 vehicles in the quarter.
The upbeat figures sent the company’s shares 9% higher, putting them on course to pare losses of about 35% for the year.
“The most important thing for the stock right now is to provide investors confidence on its 2022 forecast,” said Redburn analyst Charles Coldicott.
