Rivian boosts guidance after bumper second quarter

(Sharecast News) - Shares in Rivian Automotive motored ahead on Thursday, after bumper second-quarter demand prompted the electric car manufacturer to boost guidance.

In a brief update, the US firm said it now expects to deliver between 65,000 and 70,000 vehicles this year, up from a prior forecast of between 62,000 and 67,000 units. Fuelling the increase was stronger-than-expected second-quarter demand, after 12,194 vehicles were delivered, well ahead of consensus for 11,000 units.

Rivian said demand had been especially "robust" for its electric delivery vans and R1 range, with trading further strengthened by the first deliveries of the mid-size R2 SUV.

The stock accelerated 14% as trading got underway on the Nasdaq.

Rival Tesla Motors also posted strong-than-expected deliveries in the second quarter on Thursday, as a rebound in demand in Europe helped offset ongoing weakness in North America.

Founded in 2009 by chief executive RJ Scaringe, Irvine, California-based Rivian - which has its manufacturing facilities in Normal, Illinois - is due to publish second-quarter results on 30 July.