Rivian Joins EV Maker Stock Surge After Strong Delivery Numbers

Shares of Rivian (RIVN) rose Tuesday after the electric vehicle (EV) maker reported production and delivery numbers for the second quarter that came in better than expected.

Rivian reported production of 9,612 vehicles in the quarter along with 13,790 deliveries, compafred with analysts’ estimates for 8,700 vehicles produced and 11,510 delivered, according to estimates compiled by Visible Alpha. Production fell from the same time last year when Rivian made 13,992 vehicles, but deliveries rose from last year’s mark of 12,640 vehicles.

The EV startup also affirmed its goals of producing 57,000 vehicles over the full fiscal year, a figure that’s slightly higher than analysts’ expectations.

Rivian shares gained 7% to finish Tuesday’s session at $14.89, their highest closing level since mid-February.

Q2 Numbers the Latest Positive News for Rivian

The global EV market looks to be on the rebound after a difficult first half of the year. Tesla’s (TSLA) numbers also beat estimates Tuesday morning, as did some of Tesla and Rivian’s Chinese competitors that have released production and sales figures recently. General Motors (GM) also reported record EV deliveries in the period, up 40% from a year ago.

Rivian’s second-quarter production and delivery figures add to a largely positive time for the company’s stock price as it works, like Tesla, to gain back the losses it sustained in the first half of the year.

The stock was boosted last week after Rivian announced a partnership with German automotive giant Volkswagen (VWAGY). The deal nets billions in investment capital for Rivian, while the two companies also agreed to create a joint venture to develop EV tech and software, including self-driving features, over the next several years.

Rivian also announced Tuesday that it will release its quarterly earnings report Aug. 6 after markets close.