Rivian Automotive Inc (NASDAQ: RIVN ) shares traded higher by 13.2% on Wednesday after the company reported impressive production and delivery growth in the second quarter.
Rivian produced 4,401 vehicles and delivered 4,467 vehicles in the second quarter. Compared to the first quarter, the second-quarter numbers represent 264% sequential sales growth and 72% sequential production growth.
In addition, Rivian said it is on track to deliver 25,000 vehicles in 2022, in line with its previous guidance disclosed in its first-quarter earnings report.
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Even after Rivian's big Wednesday morning rally, the stock is still down 70.5% year-to-date. The updated guidance is reassuring to investors that Rivian is effectively ramping up its business, but Wall Street had initially expected closer to 40,000 vehicle deliveries for Rivian in 2022.
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