Shares of Rivian Automotive Inc. powered up toward their best one-day gain in eight months Monday, after the electric vehicle maker announced second-quarter deliveries that nearly tripled, and production data that more than tripled from a year ago.
The data comes after other EV makers, including Tesla Inc.
TSLA,
and Nio Inc.
NIO,
reported strong deliveries data.
Rivian’s stock rose 15.7% in morning trading, toward the highest close since Feb. 28. The stock was also headed for its best day since it ran up 17.4% on Nov. 10, 2022, has rocketed 43.4% amid a five-session win streak.
The Irvine, Calif.-based company said it delivered 12,640 vehicles in the quarter to June 30, up 183.0% from the 4,467 vehicles delivered in the same period a year ago.
The company produced 13,992 EVs in the latest quarter, up 217.9% from a last year’s 4,401.
“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided,” Rivian said in a statement.
Shares of Amazon.com Inc.
AMZN,
which was Rivian’s largest shareholder with 158.4 million shares, or 17.0% of the shares outstanding as of March 31, tacked on 0.5% in morning trading. Shares of Ford Motor Co.
F,
which owns 10.5 million Rivian shares, or 1.15% of the shares outstanding, advanced 1.7%.
The data comes after EV giant Tesla
TSLA,
announced over the weekend second-quarter deliveries rose to a record, and well above expectations. And China-based EV makers, including Nio and XPeng Inc.
XPEV,
reported big month-over-month delivery increases.
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