Rivian Stock saw quarterly deliveries increase 60% sequentially year-on-year during its second quarter deliveries, leading to its stock soaring more than 174% on Monday morning.
At 11 a.m. ET, Rivian stock had advanced by 12.6% after starting the day up 16.4%.
Rivian shares have fallen by more than 80% since the beginning of 2022 due to disappointment among investors after it announced it would reduce production goals by 50% early last year.
Rivian anticipated its production woes would eventually dissipate, and today announced second-quarter deliveries that increased 60% over its initial report of deliveries for this quarter.
Rivian reported it had delivered 12,640 electric pickup trucks, SUVs and delivery vans during its second quarter deliveries.
They produced more than 14,000 vehicles and confirmed they are on target to produce 50,000 EVs by the end of 2016.