Rivian (RIVN) second-quarter vehicle deliveries came in above its own forecasts, as the EV startup held full-year production guidance steady. RIVN shares rose early Tuesday.
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The company said Tuesday that it delivered 13,790 vehicles in Q2 and produced 9,612 units at its manufacturing facility in Normal, Illinois. Rivian also reaffirmed its full-year production guidance of 57,000 units.
At Rivian’s investor day last week, the EV startup predicted second-quarter deliveries of between 13,000 and 13,300 units. Analysts had expected second-quarter deliveries of 12,000, according to FactSet.
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The company also reported last Thursday that it has delivered between 26,600 and 26,900 vehicles and produced 23,100-23,300 units so far this year.
Rivian also reaffirmed its goal of positive gross profit per vehicle in the fourth quarter last week. In Q1, Rivian lost $38,784 per vehicle delivered.
The startup said Thursday that gross profit per unit delivered was primarily due to reducing material costs, along with regulatory credits and other efforts.
Volkswagen offer
Meanwhile, Rivian also announced a joint venture with Volkswagen (VWAGY). The $5 billion plan will see the global auto giant invest in the EV startup to leverage some of its engineering and designs.
The partnership will focus on software, along with the design and development of electrical architecture, Rivian executives said. Currently, the joint venture does not include battery technology, propulsion platforms, high-voltage systems or autonomous driving.
Rivian Chief Executive RJ Scaringe said last week that the joint venture will have two co-chief executives. Rivian will appoint the engineering lead and Volkswagen will appoint the co-CEO in charge of operations.
According to Scaringe, Volkswagen and Rivian will continue to manage and operate their respective car businesses independently.
The companies expect the deal to total $5 billion, including an initial investment of $1 billion by Volkswagen and plans for another $4 billion thereafter.
Rivian Stock Performance
RIVN shares rose 3.7% to 14.44 in Tuesday’s market action. On Monday, Rivian shares rose 3.7% to 13.92. Last week, Rivian rose 30%, hitting a high of 16.35 on Wednesday.
On June 25, Scaringe sold 71,429 shares of RIVN stock, worth $803,576.25, according to regulatory filings. Rivian shares rose 8.6% to 11.96 that day.
It was the second time this month that Scaringe sold Rivian shares, after selling 71,429 shares on June 10 for a market value of $820,883.50.
In the run-up to last week’s surge, shares of RIVN had fallen 50% by 2024, below their 200-day moving average. Now, the stock has broken above its 50-day moving average and is testing resistance at the lower end of the 200-day line. RIVN is 82% below its IPO price of $78, according to MarketSurge analysis.
Rivian shares are ranked eighth in the IBD Automakers industry group. RIVN has a Composite Rating of 34 out of 99. Additionally, the stock has a Relative Strength Rating of 23 and its EPS Rating is 30 out of 99.
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