Rivian shares pop as Q2 deliveries surpass forecast By Investing.com

Shares in electric carmaker Rivian (NASDAQ:) rose sharply following the market open on Tuesday after the company unveiled its deliveries and production figures for the second quarter.

Rivian said it produced 9,612 vehicles at its Normal, Illinois manufacturing facility during the period and delivered 13,790 vehicles, ahead of its guidance of 13,000 to 13,300.

RIVN stock jumped more than 4.6% after the opening bell.

Looking ahead to the full year 2024, Rivian’s management is reaffirming its guidance for an annual production of 57,000 vehicles.

This announcement follows news from German automaker Volkswagen Group, which revealed last week that it will invest up to $5 billion in Rivian as part of a new, equally controlled joint venture to share EV architecture and software.

According to CEO RJ Scaringe, this investment will provide Rivian with the necessary funding to develop its more affordable and smaller R2 SUVs, set to launch in early 2026, as well as its planned R3 crossovers.

Moreover, the partnership will allow Rivian to reduce operating costs by leveraging the volumes of supplies, including chips and components.

Rivian said it will release its fiscal Q2 2024 financial results on August 6th after the market close.