Electric car startup Rivian has exceeded expectations by producing more than 13,000 cars and delivering more than 12,600 in the second quarter of 2023.
Analysts had forecast the brand would only produce 11,000 vehicles; as a result Rivian’s stock price jumped by 17 per cent on Monday.
Rivian currently produces the R1T electric ute, the R1S electric SUV, and an electric delivery van at its plant in Normal, Illinois. It’s also planning a new vehicle range, called R2, as well as smaller commercial vehicles.
The brand has been plagued by supply chain shortages, a drop in investor confidence and production line changes in the last 12 months.
Despite yesterday’s spike, RIVN is currently valued 37 per cent lower than at the same point in 2022 on the NASDAQ.
The 13,992 vehicles it produced this quarter is up on the 9395 it built in the first quarter of 2023.
Rivian “believes it is on track to deliver” plans to produce 50,000 units by the end of 2023 on the back of its stronger quarter. In 2024, the brand plans to reach a positive gross profit.
Rivian has produced more than 49,000 vehicles since the start of production in 2021. That same year, Rivian started deliveries of the R1T, while the R1S followed in 2022.
