Toronto, Ontario — Rivian and Tesla mark increases in second-quarter deliveries, compared to Q1, with Tesla’s stock rallying in response in this Tuesday Ticker.
Tesla closes the gap
Tesla shares rallied last week, dropping as low as US$153.85 Tuesday but rising 63 percent through Friday’s close.
CNBC reported the OEM capped a 27 percent share gain for the week, “wiping out its loss for the year.” On June 28 at close, shares of Tesla traded at US$197.88, down 20 percent year-to-date.
The increase in share price resulted from Tesla’s better-than-expected Q2 2024 delivery numbers. Deliveries were still nearly five percent lower than Q2 a year prior, though less severe than Q1 delivery numbers.
As of Monday at 11 a.m. ET, shares of Tesla traded at US$251.80 per share, up 1.49 percent year-to-date.
Tesla will deliver Q2 2024 financials on July 23 after market close.
Rivian rips expectations
Rivian also reported its deliveries for Q2 2024 last week, where it stated it delivered 13,790 vehicles in April, May and June combined.
The quarterly delivery figure was up slightly from the 13,588 vehicles Rivian delivered in Q1 2024, though down from Q2 2023 numbers (13,792 delivered).
Analysts predicted a lower delivery rate given Rivian’s Normal, Illinois production plant was shut down for efficiency-related upgrades, though the automaker’s deliveries were anticipated to be in the 13,000 to 13,300 zone.
Rivian CEO R.J. Scaringe has warned investors of a “messy” Q2, given plant shutdowns.
Rivian produced 9,612 vehicles in Q2 2024, beating its previously noted guidance of 9,100 to 9,300 units.
As of Monday at 11 a.m. ET, shares of Rivian traded at US$15.73 per share, down 25.57 percent year-to-date.
