Rivian (RIVN) experienced a surge in its stock price on Monday after publishing record quarterly production and delivery figures. In the second quarter of 2023 Rivian delivered 12,640 R1T and R1S vehicles in Canada the US. This was well ahead of analyst expectations of around 11,000 deliveries, and a massive 59% more than the 7,946 EVs that were delivered in the previous quarter.
While the deliveries were impressive, so was the number of vehicles produced. Between April and June 13,992 vehicles rolled off the production line of Rivian’s facility in Normal, Illinois, a 48% increase from Q1 2023.
Rivian said with this performance, both of which are new records for the automaker, “it believes it is on track to deliver on the 50,000 annual production guidance previously provided.” The company will announced their Q2 2023 financial results after markets close on August 8, 2023.
After Rivian published their figures its stock price saw an equally impressive jump. RIVN share prices increased more than 16% in early morning trading on Monday, and is currently up nearly 14%.
Rivian’s quarterly figures come one day after Tesla also posted its own record breaking figures. Yesterday the Texas-based automaker announced it had delivered over 466,000 EVs, while producing nearly 480,000 at its Gigafactories around the world. Both figures were new watermarks for Tesla, and with continued growth puts them on track to meet their guidance of 1.8 million deliveries in 2023.