Rivian beats estimates for second-quarter EV deliveries
2023.07.03 09:45
© Reuters. FILE PHOTO: The Rivian name is shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS/Mike Blake/File Photo
(Reuters) -Rivian Automotive on Monday beat Wall Street expectations for quarterly deliveries on stable demand for its electric vehicles, sending the company’s shares up 10% in early trading.
Amazon-backed Rivian has been struggling to lift output, pressured by supply-chain disruptions and a price war started by market leader Tesla (NASDAQ:).
The Irvine, California-based startup, which makes R1T pickup trucks and R1S SUVs, has been developing its own drive unit to lower costs and reduce dependency on suppliers.
Rivian, which announced in February to lay off 6% of its workforce, reiterated its annual production target of 50,000 units.
The company expects demand for its pickups and sport utility vehicles to remain stable through the year, finance chief Claire McDonough said last month.
Rivian second-quarter vehicle deliveries jumped 59% to 12,640, compared with estimates of 11,000 vehicles, according to 15 analysts polled by Visible Alpha.
It produced 13,992 vehicles at its manufacturing facility in Normal, Illinois during the same period, 4,597 more than in the first quarter.
Rivian’s report comes on the heels of industry leader Tesla’s deliveries hitting a record in the second quarter on the back of its price-cut strategy.
