WASHINGTON, July 3 (BNA): Rivian Automotive (RIVN.O) today beat Wall Street expectations for quarterly delivery based on stable demand for its electric vehicles, sending its shares up about 9% in premarket trading.
The company, which had been grappling with supply chain hurdles, reiterated its annual production target of 50,000 units, Reuters reported.
The Irvine, California-based startup that makes R1T pickup trucks and R1S SUVs is developing its own drive unit to cut costs and reduce dependence on suppliers.
Rivian’s second-quarter vehicle deliveries jumped 59% to 12,640 vehicles, compared to an estimate of 11,000 vehicles, according to 15 analysts polled by Visible Alpha.
It produced 13,992 vehicles at its Normal, Illinois manufacturing facility during the same period, 4,597 more than in the first quarter.
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