After electric vehicle manufacturing increased by a factor of more than three during the most recent quarter, Rivian stock had its best day in eight months. The data was released after many other electric vehicles manufacturers, such as Tesla Inc. TSLA, +6.90%, and Nio Inc. NIO, +3.51%, announced high deliveries of their vehicles.
The firm, established in Irvine, California, reported that it had delivered 12,640 automobiles in the quarter that ended on June 30. This figure represents an increase of 183.0% when compared to the 4,467 vehicles that were delivered during the same time period in the previous year. Quite phenomenal! According to the data provided by FactSet, the trading volume skyrocketed to 78.8 million stocks, which is much higher than the full-day average of roughly 29.7 million shares seen over the previous 30 days.
See below for more insights into Rivian’s recent progress.
During the course of active trading, Rivian’s shares RIVN, +17.41%, climbed 17.41% to $19.56, marking the company’s best close since February 17. Even more impressive, that was actually the single-day increase that was the most significant since it rose 17.42% on November 10, 2022. Following five consecutive winning sessions, the share price increased by 45.4%.
These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided, Rivian stated.
All the data is based on information about how electric vehicle (EV) major Tesla TSLA, +6.90%, disclosed over the weekend that second-quarter deliveries increased to a record and were far higher than projections. And that’s not all! On the other hand, the electric vehicle manufacturers in China, such as Nio and XPeng Inc. XPEV, +4.17%, claimed significant gains in monthly deliveries compared to the previous month.
Stocks of Amazon.com Inc. AMZN, -0.11%, showed how it had 158.4 million shares as of March 31, representing 17.0% of the total number of shares outstanding, which fell 0.1% to $130.22. Amazon.com Inc. was Rivian’s largest shareholder. The stock price of Ford Motor Company (F, +0.73%), which held 10.5 million Rivian stock and accounted for 1.15% of the company’s total outstanding shares, increased by 0.7%.