Rivian exceeds Q2 estimates by delivering 12,640 vehicles compared to the expected 11,298

Per Reuters

Rivian recently had a small victory after surpassing second-quarter estimates for the number of vehicles delivered. The company was able to deliver 12,640 vehicles compared to the expected 11,298.

The report by Reuters noted that this resulted in the EV company's shares increasing by 9% during premarket trading. However, this was still far from its annual production target, as the company was trying to reach 50,000 units.

So far, it has been reported that the company struggled with supply chain issues. The company reportedly produced 13,992 vehicles from its Normal, Illinois, manufacturing facility.

This was still 4,597 more compared to its production number in the first quarter of the year. The recent Q2 vehicle deliveries were reportedly a 59% jump from its previous quarter numbers.

Recently, Rivian became one of the latest companies to adopt the Tesla charging standard, the North American Charging Standard (NACS). This was as the company followed other EV-making businesses like Ford and GM, as they also adopted this standard.

Rivian was also set to lose its Nasdaq-100 index position as it was to be replaced by ON Semiconductor. This was after the company fell 90% from its record-high price in November 2021.

Onsemi had a valuation of $40 billion during the report.

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Reuters