Rivian Automotive Inc. stated on Wednesday it delivered 4,467 autos within the second quarter, a sequential rise of practically 4 occasions, as a ramp-up in manufacturing and red-hot demand helped the startup electric-vehicle maker.
Shares of the company rose 9.5 % to $29.17 in early buying and selling on Wednesday.
To date this yr, the inventory misplaced about 35 % of its worth, after the corporate reduce its manufacturing outlook by half and amid a broader market sell-off.
The corporate, which went public late final yr and counts Amazon Inc. as an investor and buyer, has been ramping up manufacturing of its R1S SUV and R1T truck.
It has additionally benefited from hovering demand for EVs.
Rivian stated it produced 4,401 autos within the second quarter at its manufacturing facility in Regular, In poor health., up from 2,553 autos within the earlier quarter.
