Rivian has had a rough start until 2023. The company burn cash in the first quarter of the yearlost some senior officialsand announced that Its budget investment volume model is a shortcut. But Rivian has promised, through it all, that things will improve by the end of the year. Now, in July, it seems the automaker was right.
by Rivian second quarter results are in, and the numbers are growing. The increase in deliveries and production, however, exceeded not only first-quarter results but second-quarter estimates as well — something Wall Street would love to see. Reuters has the full report:
Rivian Automotive on Monday beat Wall Street expectations for quarterly delivery numbers due to steady demand for its electric vehicles, sending its shares up nearly 9% in premarket trading.
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Rivian’s second-quarter vehicle deliveries jumped 59% to 12,640 vehicles, compared with an estimate of 11,000, according to 15 analysts polled by Visible Alpha.
It produced 13,992 vehicles at its production facility in Normal, Illinois during the same period, 4,597 more than in the first quarter.
Rivian is still working towards its goal of 50,000 trucks produced this year, although that is determined to be manufacture more than the sale target. The full earnings report for Q2 is due in August, so that’s when we’ll know the full financial impact of the company’s revenue surplus – and see if shareholders feel it. as enthusiastic as now or not.
At the time of this writing, shares of Rivian are up more than 17% from last week’s closing price, despite a drop in after-hours trading (the market closed early today as traders But also just want to go home and bake for the 4th of July). Whether the intraday high remains on investors’ minds or if reality begins to quietly return, remains to be seen.
