Electrical car makers Rivian Automotive and Lucid Group reported second-quarter supply outcomes Thursday with combined outcomes.
Rivian raised its 2026 supply steerage vary after seeing stronger-than-expected demand for its electrical automobiles throughout the second quarter, whereas Lucid missed Wall Road expectations and its new CEO Silvio Napoli introduced a shake-up of the corporate’s management staff.
Rivian stated it now expects to ship between 65,000 and 70,000 automobiles this 12 months, up from a previous forecast of between 62,000 and 67,000 models.
Rivian inventory rose roughly 6% in early buying and selling Thursday.
Rivian, Lucid and Tesla shares
Rivian additionally stated Thursday it produced 12,613 automobiles and delivered 12,194 models throughout the second quarter. The second-quarter deliveries are greater than FactSet’s analyst consensus of 11,0000 models and the corporate’s earlier outlook, which known as for delivering between 9,000 and 11,000 EVs.
Rivian, which can report its second-quarter monetary outcomes July 30, stated greater deliveries throughout the second quarter had been pushed by its electrical supply van and flagship R1 merchandise.
The corporate additionally began delivering its midsize R2 SUV throughout the quarter. It is ramping up manufacturing of that car at its sole manufacturing plant in Regular, Illinois, which has capability to provide 160,000 of the automobiles yearly.
Lucid reported producing 4,774 automobiles and delivering 3,953 automobiles throughout the second quarter. The deliveries had been beneath Wall Road’s expectations of 5,000 models, in line with FactSet.
Together with the deliveries, the corporate introduced a brand new management staff below Napoli, who began overseeing the corporate in June. Lucid stated the brand new format is supposed to “simplify the corporate’s construction” and cuts the variety of direct experiences to the CEO in half.
Most notably, Lucid Chief Monetary Officer Taoufiq Boussaid will depart the corporate after a handover to his successor, Alexander De Bock, who most just lately served as CFO of automotive provider TI Automotive.
“We’re simplifying the group, strengthening management, imposing accountability and aligning our construction with the priorities that matter most: clients, high quality, and innovation,” Napoli stated in a launch.
EV chief Tesla, in the meantime, reported 480,126 car deliveries for second quarter, topping expectations. The corporate would not get away actual supply numbers by area or particular person mannequin, nevertheless it stated its entry-level Mannequin 3 sedan and hottest Mannequin Y SUVs accounted for 467,762.
— CNBC’s Lora Kolodny contributed to this report.
