Rivian Automotive (NASDAQ:RIVN), the California-based electric automaker, saw a more than 14% surge in its stock price intra-day today following its Q2 delivery results. The company surpassed Wall Street expectations by delivering 12,640 vehicles, marking a 59% increase compared to the previous year’s delivery figures.
During the same period, Rivian produced 13,992 vehicles at its manufacturing facility in Normal, Illinois, which is 4,597 more vehicles than in Q1. Despite facing challenges in the supply chain, Rivian reiterated its annual production target of 50,000 units.
In a statement, the company expressed confidence in meeting this goal, stating that the figures align with their expectations. The announcement from Rivian comes after Tesla also reported record-breaking Q2 deliveries over the weekend, surpassing market expectations.