Rivian Shares Soar as Delivery Update Sparks Optimism in the EV Market
Key takeaways
- EV start-up Rivian just smashed its production targets, with manufacturing and sales both beating estimations
- The news comes as Tesla and BYD also reported better-than-expected sales
- Rivian stock was up 17% on Tuesday
It wasn’t just about the likes of mega-size EV makers Tesla and BYD — EV start-up Rivian also posted a stellar deliveries report for the second quarter, pleasantly surprising Wall Street after a tricky start to the year for the company. The stock jumped high as a result, but the proof will be in the earnings pudding. Keep reading.
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What’s the latest with Rivian?
EV specialists Rivian released its latest manufacturing beat, confirming it had made 13,992 vehicles and sold 12,640 cars. It was a great result for the company, which analysts had expected Rivian to deliver 11,000 units.
The good news doesn’t stop there. Rivian’s production skyrocketed more than 200% year-on-year, while its sales shot up by 180%. While the earnings report isn’t out yet, a better manufacturing beat than anticipated should hopefully translate to smaller losses.
Rivian is now well on track to finish the year with its 50,000 units goal reached — as long as it can keep the momentum going.
The market reaction
Rivian stock has soared 17.4% today to hit highs of $19.56. The stock is up nearly 13% since the start of the year, having dipped a few months ago thanks to a downbeat earnings outlook, but has since a big 25% increase in the last month.
Tesla and BYD also smashed their sales targets, with the former’s risky gamble on slashing prices paying off. Tesla’s share price was up 6.9% on Tuesday, while BYD saw a 1.38% lift to its stock.
The bottom line
It’s a great week for the EV industry, which was flagging just a few short months ago thanks to decreased consumer demand and supply chain issues. With three EV companies having smashed their estimates, investors’ expectations for the second-quarter earnings reports will be high — which could tank the stocks if they fall short.
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