Hyperdrive
Rivian Jumps After Boosting EV Output, Reaffirming Annual Goal
Workers put together a Rivian R1T electric vehicle at the company's manufacturing facility in Normal, Illinois, US in April 2022.
Photographer: Jamie Kelter Davis/BloombergThis article is for subscribers only.
Rivian Automotive Inc.’s shares surged after the electric-vehicle maker reaffirmed its annual production target and revealed accelerated output in the second quarter, buoying the company as it works to overcome parts shortages and other supply-chain snags.
The EV startup built 4,401 vehicles in the period, according to a statement Wednesday, up from 2,553 in the first quarter. That keeps Rivian on track to produce 25,000 units this year across its three products. The manufacturer, backed by founder and Chief Executive Officer R.J. Scaringe, also delivered 4,467 vehicles to customers in the second quarter.