Rivian Automotive
made 13,992 electric vehicles in the second quarter and sold 12,640 units. Investors are happy.
Rivian stock was up about 8% in early trading Monday, at roughly $18 a share. The
S&P 500
was down 0.2%. The
Nasdaq Composite
was up about 0.2%. Monday’s early gains put Rivian shares up about 25% over the past month.
Growth is the reason. Production rose more than 200% year over year and grew from 9,395 vehicles produced in the first quarter. Sales rose about 180% year over year and up from 7,946 sold in the first quarter.
Beating expectations helps, too. Wall Street was looking for about 11,000 units delivered. More deliveries mean more sales and, hopefully, a smaller-than-expected second-quarter loss.
Rivian has produced about 23,000 units in 2023 and is well on its way to hitting full-year guidance of about 50,000 units. If Rivian just repeats the second-quarter number in Q3 and Q4, it will end up making about 51,000 units for the full year in 2023.
Rising production demonstrates the company is making headway in ramping up production. It also shows that supply-chain issues blamed in recent quarters for a slower-than-hoped-for ramp-up are easing.
Rivian isn’t the only solid EV result.
Tesla
(TSLA) delivered more than 466,000 vehicles, a record.
Tesla
stock was up about 6.6% in early trading at about $279 a share.
Meanwhile,
BYD
(1211.Hong Kong) delivered about 128,000 battery-electric vehicles in June, also a record for the company. It delivered about 350,000 battery-electric vehicles in the second quarter.
BYD stock rose 4.5% in overseas trading Monday.
Electric vehicles are selling well across the globe, which is good news for all the EV makers, just so long as they can demonstrate growth that keeps up.
Write to Al Root at [email protected]
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