Rivian Stock Is Racing Higher: What's Going On?

Rivian Automotive Inc RIVN shares are trading higher Monday after the company reported second-quarter production and delivery numbers.

What Happened: Rivian said it produced 13,992 vehicles in the second quarter, up from 9,395 in the first quarter. The company reported second-quarter deliveries of 12,640 vehicles, up from 7,946 in the first quarter. Rivian's production and delivery numbers were in line with company expectations. 

Rivian said it believes it's still on track to meet its previously provided annual production guidance of 50,000 vehicles.

Rivian will report financial results for the second quarter after the market close on Aug. 8. 

Several electric vehicle stocks are trading higher Monday on the back of strong delivery numbers.

Tesla said it delivered 466,140 vehicles in the second-quarter, up from 422,875 in the first quarter. The company's quarterly delivery numbers were up more than 83% year-over-year. Rivian reported second-quarter deliveries of 12,640 vehicles, up from 7,946 in the first quarter and in line with company expectations. Nio reported total deliveries of 23,520 for the second quarter and more than 10,700 in June, up from 6,155 in May.

See Also: Nio Stock Is Trading Higher: What's Going On?

RIVN Price Action: Rivian shares are up more than 15% over the last month.

The stock was up 7.86% at $17.97 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Rivian.