![>](data:image/svg+xml;charset=utf-8,<svg height="682" width="1024" xmlns="http://www.w3.org/2000/svg" version="1.1"/> "Rivian shares rise on better-than-expected second-quarter deliveries 3")
Photo credit: Rivian
Rivian shipped 12,640 electric vehicles in the second quarter, a nearly triple increase from the prior-year period, when the EV newcomer was mired in supply chain issues.
Rivian also reported that 13,992 vehicles were produced in the second quarter. Both results fared better than Wall Street’s expectations, sending shares up more than 16%. Shares are now up more than 12% to $18.70.
Rivian said it believes it is on track to meet the previously given production guidance of 50,000 per year. Rivian produced 9,395 vehicles in the first quarter, bringing total production to 23,387 vehicles in the first half of the year.
Rivian produces four vehicles: its two consumer vehicles, the R1T truck and the R1S SUV, and two versions of its commercial vehicle. The company struggled early on with production issues, compounded by ongoing supply chain issues.
These bottlenecks started to open up as supply chain issues eased. Rivian has also worked on the efficiency of its Normal, Illinois plant, developing its own power unit called the Enduro to reduce costs and reduce its dependency on suppliers.