[ad_1]
Rivian Automotive Inc. said on Wednesday it delivered 4,467 vehicles in the second quarter, a sequential rise of nearly four times, as a ramp-up in production and red-hot demand helped the startup electric-vehicle maker.
Shares of the company rose 9.5 percent to $29.17 in early trading on Wednesday.
So far this year, the stock lost about 35 percent of its value, after the company cut its production outlook by half and amid a broader market sell-off.
The company, which went public late last year and counts Amazon Inc. as an investor and customer, has been ramping up production of its R1S SUV and R1T truck.
It has also benefited from soaring demand for EVs.
Rivian said it produced 4,401 vehicles in the second quarter at its manufacturing facility in Normal, Ill., up from 2,553 vehicles in the previous quarter.
Source link