Rivian's stock rallies after EV deliveries beat by wide margin

By Tomi Kilgore

EV maker affirms full-year production outlook

Shares of Rivian Automotive Inc. rallied Tuesday, after the electric-vehicle maker reported quarterly deliveries data that beat expectations by a record margin.

The California-based company said it delivered 13,790 vehicles during the second quarter, up 9.1% from the same period a year ago.

That beat the FactSet deliveries consensus of 12,000 EVs. The margin of the beat - 14.9% - was the most since the data was reported, according to FactSet data.

Rivian's stock (RIVN) ran up 3.1% in morning trading.

The gain comes about a week after the stock booked a record one-day rise of 23.2% on June 26, after Germany's Volkswagen (XE:VOW) announced plans to invest up to $5 billion in Rivian.

Also read: Rivian's VW partnership seen as 'game changer' for EV maker's prospects.

Amazon.com Inc. is currently Rivian's largest shareholder, with a stake of about 16%, according to FactSet data.

Separately, Rivian said it produced 9,612 vehicles during the second quarter, down 31.3% from a year ago.

Still, the company affirmed its 2024 production guidance of 57,000 total vehicles.

Rivian said it will report full second-quarter results on Aug. 6, after the market close.

While the stock has rocketed 70.4% since it closed at a record low of $8.40 on April 15, it has still tumbled 38.8% year to date, while the Global X Autonomous & Electric Vehicles ETF DRIV has lost 4.6% and the S&P 500 index SPX has advanced 14.8%.

-Tomi Kilgore

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07-02-24 0956ET

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