Production ramp-up boosts this EV manufacturer’s deliveries

Rivian Automotive Inc. delivered 4,467 vehicles in the second quarter, nearly four times more than in the preceding quarter, as the electric-vehicle maker benefited from a ramp-up in production and strong demand.
The company also said that it was on track to meet its annual production target of 25,000 units after output jumped 72 percent sequentially to 4,401 vehicles in the quarter.
The upbeat figures sent Rivian’s shares nearly 13 percent higher, providing some relief to a stock that has lost almost three-fourths of its value in this year’s equity selloff.
“The most important thing for the stock right now is to provide investors with confidence in its 2022 forecast,” said Redburn analyst Charles Coldicott.
While a broader shift to electric vehicles and surging fuel prices due to the Russia-Ukraine war have fed demand for Rivian’s products, the company has struggled to boost output in the face of industry-wide supply chain shortages.