July 4, 2023: On Monday, shares of Rivian Automotive increased over 16% after the electric vehicle maker beat Wall Street anticipations for quarterly deliveries.

Monday’s Rivian reported 12,640 vehicle deliveries during the second quarter, up 59% from the last quarter and topping analyst expectations of 11,000 vehicles, according to analyst estimates compiled by FactSet.

The automaker, which makes electric R1T pickups and R1S SUVs for consumers, also reiterated its annual production target of 50,000 units. Rivian delivered roughly 23,400 vehicles through the second quarter, including electric delivery vans and consumer models.

On Monday, the increase in share price pushes Rivian’s stock into the green for the foremost time since late February. The stock is now up nearly 3% in 2023.

The company has taken longer than anticipated to build its EVs. It has also worked to reduce its spending to conserve cash.

Rivian’s results come a day after EV leader Tesla said it delivered 466,140 vehicles globally during the second quarter, also topping analyst expectations.

The better-than-anticipated deliveries for both automakers are good signs for investors who are bullish on EV stocks and the adoption of appearing vehicles.

Shares of embattled EV startups such as Lucid, Nikola, and others rose after Tesla and Rivian reported delivery numbers.