Rivian Automotive on Monday beat Wall Road expectations for quarterly deliveries on steady demand for its electric vehicles, sending the corporate’s shares up 10% in early buying and selling.
Amazon-backed Rivian has been struggling to raise output, pressured by supply-chain disruptions and a value warfare began by market chief Tesla.
The Irvine, California-based startup, which makes R1T pickup vans and R1S SUVs, has been creating its personal drive unit to decrease prices and cut back dependency on suppliers.
Rivian, which introduced in February plans to put off 6% of its workforce, reiterated its annual manufacturing goal of fifty,000 items.
The corporate expects demand for its pickups and sport utility vehicles to stay steady by way of the 12 months, finance chief Claire McDonough stated final month.
Rivian second-quarter car deliveries jumped 59% to 12,640, in contrast with estimates of 11,000 autos, in response to 15 analysts polled by Seen Alpha.
It produced 13,992 autos at its manufacturing facility in Regular, Illinois throughout the identical interval, 4,597 greater than within the first quarter.
Rivian’s report comes on the heels of business chief Tesla’s deliveries hitting a report within the second quarter on the again of its price-cut technique.
