The Stock Of Rivian Soars After The Company’s EV Production More Than Tripled Last Quarter

Rivian Automotive Inc. saw a significant surge in its stock price on Monday, marking its strongest one-day gain in eight months. The electric vehicle manufacturer reported impressive second-quarter delivery numbers, nearly tripling its previous year's figures, along with substantial production growth.

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Following the positive news from other electric vehicle companies such as Tesla Inc. and Nio Inc., Rivian's stock rose by 15.7% during morning trading, reaching its highest level since February 28. This increase marks the company's best performance since November 10, 2022, and contributes to a 43.4% overall gain over the past five trading sessions.

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Rivian, headquartered in Irvine, California, disclosed that it delivered 12,640 vehicles in the second quarter of this year, a remarkable 183.0% increase compared to the 4,467 vehicles delivered during the same period last year. Furthermore, the company's production figures showed significant growth, with 13,992 electric vehicles manufactured during the quarter, representing a robust 217.9% rise from the 4,401 units produced in the corresponding period of the previous year.

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In a statement, Rivian expressed its satisfaction with these results, stating that they align with the company's expectations and confirming its confidence in achieving its previously provided annual production guidance of 50,000 vehicles.

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Investors also responded positively to Rivian's performance, with shares of Amazon.com Inc., the largest shareholder with 158.4 million shares (equivalent to 17.0% of outstanding shares as of March 31), increasing by 0.5% in morning trading. Similarly, Ford Motor Co., which owns 10.5 million Rivian shares (representing 1.15% of outstanding shares), experienced a 1.7% stock price advance.

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Rivian's robust delivery and production figures come in the wake of Tesla's announcement of record-breaking second-quarter deliveries, surpassing expectations. Chinese electric vehicle manufacturers, including Nio and XPeng Inc., also reported significant month-over-month delivery growth, contributing to the positive sentiment surrounding the EV industry as a whole.

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