Rivian (NASDAQ:RIVN) stock is getting a boost on Wednesday after providing investors with an update on its electric vehicle (EV) deliveries for the second quarter of 2022.
According to a press release from Rivian, it built a total of 4,401 EVs at its manufacturing facility in Normal, Illinois during Q2. This allowed it to deliver a total of 4,467 EVs during that same period. For comparison, deliveries in Q1 were 2,553 EVs.
Rivian is pleased with these results and says it expects to meet previous delivery estimates for the year. This has the EV startup planning to deliver a total of 25,000 units by the time Q4 comes to a close.
News of the deliveries and reaffirmed outlook have shares of RIVN stock experiencing heavy trading today. As of this writing, more than 20 million shares of the stock have been traded. That’s already above its daily average trading volume of around 20 million shares.
Rivian isn’t the only EV company releasing delivery data for Q2 recently. Tesla (NASDAQ:TSLA) did the same yesterday but saw deliveries drop sequentially. That was unexpected and marked the first time it’s happened in roughly two years. Even so, analysts are still bullish on the EV giant.
RIVN stock is up 10.8% as of Wednesday morning but is down 71.2% since the start of the year.
There’s more recent stock market news traders will want to dive into below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.