Market Commentary

Tesla, Rivian Gain As Q2 Deliveries Top Analyst Expectations

Raza Akram
6 Feb 2024 · 1 minute read

Shares in electric vehicle (EV) producers Tesla (TSLA:US) and Rivian Automotive (RIVN:US) are trading higher on Monday after both manufacturers reported stronger-than-expected production and delivery numbers for the quarter ending June 30.

Tesla disclosed on Sunday that it hit a new quarterly record high after managing to ship 466,140 EV units in the second quarter, mostly consisting of Model 3 and Y models. The number came in easily ahead of the analyst consensus of 448,351.

Tesla produced 479,700 in the quarter, also above the expected 456,617 units as Texas and Berlin factories continue to ramp up production.

Similarly, Rivian reported production for the second quarter that beat the average analyst estimate. The company produced 13,992 and delivered 12,640 EV units in the second quarter.

This is better than the analyst expectations for 12,562 and 11,320, respectively.

Rivian added that it remains firmly on track to deliver on the 50,000 annual production guidance previously offered. The U.S.-based EV maker is due to report its Q2 results on August 08.

Tesla and Rivian shares are up more than 6.5% and 13.5% on Monday, respectively. 

Congressman Daniel Goldman was trading both stocks in recent months. In April, the New York Representative disclosed the sale of $15,000 - $50,000 worth of Rivian shares on March 06. On the other hand, he was buying Tesla shares in April.

Elsewhere, Representative Mike Garcia disclosed last month that he sold Tesla shares in early June, reaping the rewards of a strong year-to-date rally.