: Rivian stock rallies toward a 4-month high after EV production more than triples in latest quarter

Shares of Rivian Automotive Inc. RIVN jumped 4.0% in premarket trading Monday toward a fifth-straight gain after the electric vehicle maker announced second-quarter production and delivery data. The stock, which soared 23.9% amid a four-day win streak through Friday, was on track to open at the highest price seen during regular-session hours since March 6. The company said it delivered 12,640 vehicles in the quarter to June 30, nearly triple (up 183.0%) the 4,467 vehicles delivered in the same period a year ago. The company produced 13,992 EVs in the latest quarter, up 217.9% from a last year’s 4,401. “These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided,” Rivian said in a statement. The data comes after EV giant Tesla Inc. TSLA announced over the weekend second-quarter deliveries rose to a record, and well above expectations. Rivian shares have gained 9.4% over the past three months through Friday, while Tesla’s stock has run up 34.4% and the S&P 500 SPX has tacked on 7.9%.

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