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: Rivian stock has best day in 8 months after EV production more than triples in latest quarter

Shares of Rivian Automotive Inc. powered up Monday to their best one-day gain in eight months, after the electric vehicle maker announced second-quarter deliveries that nearly tripled, and production data that more than tripled from a year ago.

The data comes after other EV makers, including Tesla Inc.

and Nio Inc.
reported strong deliveries data.

Rivian’s stock

rose 17.41% in active trading to $19.56, the highest close since Feb. 17. That was the biggest one-day gain since it climbed 17.42% on Nov. 10, 2022. The stock has rocketed 45.4% amid a five-session win streak.

Trading volume swelled to 78.8 million shares, compared with the full-day average over the past 30 days of about 29.7 million shares, according to FactSet data.

The Irvine, Calif.-based company said it delivered 12,640 vehicles in the quarter to June 30, up 183.0% from the 4,467 vehicles delivered in the same period a year ago.

The company produced 13,992 EVs in the latest quarter, up 217.9% from a last year’s 4,401.

“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided,” Rivian said in a statement.

Shares of Inc.
which was Rivian’s largest shareholder with 158.4 million shares, or 17.0% of the shares outstanding as of March 31, slipped 0.1% to $130.22. Shares of Ford Motor Co.
which owned 10.5 million Rivian shares, or 1.15% of the shares outstanding, advanced 0.7%.

The data comes after EV giant Tesla

announced over the weekend second-quarter deliveries rose to a record, and well above expectations. And China-based EV makers, including Nio and XPeng Inc.
reported big month-over-month delivery increases.

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