(Reuters) -Rivian Automotive on Monday beat Wall Street expectations for quarterly deliveries on stable demand for its electric vehicles, sending its shares up nearly 9% in premarket trading.
The company, which has been struggling with supply chain hurdles, reiterated its annual production target of 50,000 units.
The Irvine, California-based startup, which makes R1T pickup trucks and R1S SUVs, has been developing its own drive unit to lower costs and reduce dependency on suppliers.
Rivian second-quarter vehicle deliveries jumped 59% to 12,640, compared with estimates of 11,000 vehicles, according to 15 analysts polled by Visible Alpha.
It produced 13,992 vehicles at its manufacturing facility in Normal, Illinois during the same period, 4,597 more than in the first quarter.
(Reporting by Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta and Vinay Dwivedi)
