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Rivian deliveries top estimates as R2 SUV sales start
Second-quarter production also came in above Wall Street expectations
Key Takeaways:
- Rivian now expects to deliver 65,000 to 70,000 vehicles this year.
- The company delivered 12,194 vehicles in the second quarter, topping Wall Street expectations.
- Rivian began sales of the lower-cost R2 SUV, described as critical to its future.
Rivian Automotive Inc. raised its full-year sales outlook, a promising sign as the electric vehicle maker begins deliveries of its lower-cost SUV, which is seen as critical to the company’s future.
The company now expects to deliver between 65,000 and 70,000 vehicles this year, it said in a July 2 statement. The midpoint of that range topped the roughly 63,000 deliveries expected by Wall Street analysts. Rivian said it saw strong quarter-over-quarter growth for its commercial van and R1 electric vehicles as it began sales of the new R2 electric SUV.
The electric vehicle maker also delivered 12,194 vehicles in its second quarter, more than the roughly 10,600 expected by Wall Street, an improvement after several quarters of uneven sales. Production of 12,613 vehicles also topped estimates.
The optimistic outlook comes just weeks after Rivian started selling its newest model, the R2 SUV. Rivian aims to capture a wider piece of the market with the vehicle, which is smaller and less expensive than the company’s flagship truck and SUV.
Rivian’s shares rose more than 5% as of 8:31 a.m. in New York before the start of normal trading.
