By Ed Ludlow | Bloomberg
Irvine-based Rivian Automotive’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.
Backed by billions of dollars from Wall Street titans and investors like Ford Motor Co. and Amazon.com Inc., Rivian is seen as a potential challenger to market leader Tesla Inc. But Rivian has stumbled since its blockbuster listing in November, facing parts shortages and related issues that have hampered efforts to ramp up production.
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Shares of the Irvine company jumped 7.4% at 9:40 a.m. in New York. The stock plunged 74% this year through Tuesday’s close, far worse than the broader market slump.
Rivian builds two consumer battery-electric cars: the R1T pickup and a sport utility vehicle called the R1S. It also manufacturers electric delivery vans for Amazon, for which rivian has a contract to deliver 100,000 units to the e-commerce giant by the end of the decade.