Rivian topped analyst vehicle delivery expectations by more than 1,000 in the second quarter.
Rivian’s stock closed up more than 17% Monday after revealing it sailed over Wall Street expectations on electric vehicle deliveries, notching 12,640 deliveries in its second quarter.... [+]
South San Francisco, California. Shares of Rivian stock fell 13 percent after Ford, which currently owns as 11.4 percent stake in the electric car maker, is planning to sell 8 million of its 102 million shares. The company’s stock peaked at $19.69 Monday, eventually closing up more than 17% at $19.56—a figure Rivian has not reached since February.
The increase in share price continues a large upswing that began after June 26, when shares of Rivian closed at $13.45. The 12,640 deliveries made by Rivian in the second quarter beat Visible Alpha estimates of 11,000 vehicles. In that same period, the EV producer made 13,992 vehicles, exceeding first quarter production by more than 4,500 units.Rivian, which produces electric pickups and SUVs, has experienced a mostly struggling stock so far this year, trading as low at $12 a share in late April. The company has posted weak revenue figures this year and
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