Hyperdrive
Rivian Surges After Quarterly Production Beats Expectations
- Shares climb after EV maker posts better output than expected
- Company says it’s on track to hit 2023 goal for 50,000 EVs
Amazon.com delivery electric vans, built by Rivian Automotive, at charging stations in Chicago.
Photographer: Jamie Kelter Davis/BloombergThis article is for subscribers only.
Rivian Automotive Inc. built more battery-electric vehicles last quarter than Wall Street had anticipated as the company works to ramp up production and overcome a string of supply-chain issues. Its shares soared by double-digits in early trading Monday.
The company also reaffirmed its previous guidance that it’s on track to make 50,000 EVs this year, according to a statement. It made just shy of 25,000 vehicles in 2022. Leaders of the Irvine, California-based manufacturer in March told employees internally that output of 62,000 this year was possible, Bloomberg has reported.