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EV maker Rivian’s deliveries nearly quadruple as it ramps up production

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EV maker Rivian’s deliveries nearly quadruple as it ramps up production

by ITECHNEWS
July 6, 2022
in Business, Leading Stories
0 0
0
EV maker Rivian’s deliveries nearly quadruple as it ramps up production

(Reuters) -Rivian Automotive Inc said on Wednesday it delivered 4,467 vehicles in the second quarter, a sequential rise of nearly four times, as a ramp-up in production and red-hot demand helped the electric-vehicle maker.

Shares of the company rose 4.2% in trading before the bell.

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So far this year, the stock lost about 35% of its value, after the company cut its production outlook by half and amid a broader market sell-off.

The company, which went public late last year and counts Amazon.com Inc as an investor and customer, has been ramping up production of its R1S sport utility vehicle and R1T pickup truck.

It has also benefited from soaring demand for electric vehicles.

Rivian said it produced 4,401 vehicles in the second quarter at its manufacturing facility in Normal, Illinois, up from 2,553 vehicles in the previous quarter.

Source: Reporting by Eva Mathews and Akash Sriram in Bengaluru; Editing by Aditya Soni
Via: Reuters
Tags: EV maker Rivian's deliveries nearly quadruple as it ramps up production
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