On Monday, Rivian Automotive (RIVN.O) exceeded Wall Street’s expectations for quarterly deliveries on solid demand for its electric vehicles. As a result, the company’s shares increased by about 9% in trading before the market opened.
The company, which has been having difficulty overcoming obstacles in the supply chain, reaffirmed its goal of producing 50,000 units annually.
The young company has its headquarters in Irvine, California, and produces R1T pickup trucks and R1S SUVs. It has been constructing its drive unit to cut costs and minimize its reliance on outside suppliers.
According to a poll conducted by Visible Alpha, 15 industry analysts predicted that Rivian would supply 11,000 automobiles during the second quarter of 2018. However, the company delivered 12,640 vehicles.
It manufactured 13,992 automobiles at its site in Normal, Illinois, over the same period, an increase of 4,597 over the number of vehicles it produced in the first quarter.
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