Rivian (RIVN) Second-quarter vehicle deliveries beat its own forecast as the electric vehicle startup maintained its full-year production guidance. RIVN shares were up early Tuesday.
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The company said Tuesday it delivered 13,790 vehicles in the second quarter and produced 9,612 units at its Normal, Illinois, plant. Rivian also reaffirmed its full-year production guidance of 57,000 units.
At Rivian’s investor day last week, the electric vehicle startup predicted second-quarter deliveries totaling between 13,000 and 13,300. Analysts had forecast second-quarter deliveries of 12,000, according to FactSet.
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The company also said last Thursday that it has delivered between 26,600 and 26,900 vehicles so far this year and is producing 23,100 to 23,300 units.
Rivian also affirmed last week its goal of positive gross profit per vehicle by the fourth quarter. In the first quarter, Rivian lost $38,784 per vehicle delivered.
The startup said Thursday that its path to gross profit per unit shipped is primarily through reducing material costs, as well as regulatory credits and other efforts.
Volkswagen offer
Meanwhile, Rivian also announced last week announced a joint venture with Volkswagen (VWAGThe $5 billion plan involves the global auto giant investing in the electric vehicle startup to leverage some of its engineering and designs.
According to Rivian executives, the partnership will focus on software and the design and development of electrical architectures. The joint venture does not currently include battery technology, propulsion platforms, high-voltage systems or autonomous driving.
Rivian CEO RJ Scaringe said last week that the joint venture will have two co-CEOs. Rivian will name the technical director and Volkswagen will name the co-CEO in charge of operations.
According to Scaringe, Volkswagen and Rivian will continue to independently manage and operate their respective automotive businesses.
The two companies are planning a total investment of $5 billion, including an initial investment of $1 billion by Volkswagen, followed by an additional investment of $4 billion.
Rivian Stock Performance
RIVN shares gained 3.7% to 14.44 during Tuesday’s market actionOn Monday, Rivian shares gained 3.7% to 13.92. Last week, Rivian climbed 30%, peaking at 16.35 on Wednesday.
On June 25, Scaringe sold 71,429 shares of Rivian stock, worth $803,576.25, according to regulatory filings. Rivian’s stock price jumped 8.6% to $11.96 that day.
This was the second time Scaringe sold Rivian shares this month, after selling 71,429 shares for a market value of $820,883.50 on June 10.
Before last weekâs advance, RIVN shares had fallen 50% in 2024, falling below their 200-day moving average. Today, the stock has broken above its 50-day moving average and is testing resistance below the 200-day line. RIVN is 82% below its IPO price of $78, according to MarketSurge Analysis.
Rivian Stock Ranks No. 8 on IBD Leaderboard Industrial group of automobile manufacturers. RIVN has a 34 Composite note out of 99. Additionally, the stock has a rating of 23 Relative strength index and his EPS rating is 30 out of 99.
Please follow Kit Norton on X @KitNorton for more coverage.
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