The company now expects to deliver 65,000 to 70,000 vehicles this year, a July 2 statement said. (Jason Henry/Bloomberg)
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, exceeding Wall Street expectations.
- Rivian begins sales of the low-cost R2 SUV, which it says is crucial to its future.
Rivian Automotive Inc. has raised its full-year sales outlook, a promising sign as the electric vehicle maker begins deliveries of its low-cost SUV, which is seen as key to the company’s future.
The company now expects to deliver 65,000 to 70,000 vehicles this year, a July 2 statement said. The midpoint of that range was above the roughly 63,000 deliveries expected by Wall Street analysts. Rivian said it saw strong quarter-on-quarter growth in its commercial vans 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 was also above estimates.
This optimistic outlook comes just weeks after Rivian started sales of its latest model, the R2 SUV. Rivian aims to capture a larger share of the market with the vehicle, which is smaller and less expensive than the company’s flagship trucks and SUVs.
Rivian shares rose more than 5% as of 8:31 a.m. in New York before the start of normal trading.
