Shares of electric carmakers Rivian Automotive Inc. and Tesla Inc. jumped today after the companies reported that they had shipped more vehicles than expected in the second quarter.

Irvine, California-based Rivian today posted the most significant car delivery increase in percentage terms. It shipped 12,640 vehicles to customers in the three months through June 30, nearly three times as much as it did a year earlier. In the process, the company managed to top the consensus estimate of 11,000 vehicles.

The company launched in 2009, went on to raise more than $10 billion from private investors and listed its shares on the Nasdaq two years ago. It used the $12 billion it raised through the blockbuster public offering to build out its manufacturing infrastructure. Its primary production facility is located on the premises of a former Mitsubishi Motors Corp. plant in Normal, Illinois.

Rivian makes two electric vehicles, an SUV and a pickup truck, that are both capable of covering more than 350 miles per charge. The company says the vehicles can manage “just about any terrain” with the ability to drive through more than three feet of water. They’re based on a common chassis that packages the battery, suspension system and other core components into a skateboard-like structure.

Alongside its consumer-focused vehicles, Rivian manufactures electric delivery vans for Amazon.com Inc. that are also based on its skateboard chassis. In 2019, it inked a deal to supply the e-commerce giant with 100,000 vans. Amazon was among the investors that backed Rivian before its 2021 public offering. 

In today’s second-quarter update, Rivian didn’t break out sales numbers for its individual vehicle models. However, the company did share new auto production data. Rivian disclosed that it made 13,992 vehicles during the quarter and also reaffirmed its previously issued 2023 production target of 50,000 vehicles.

The company’s stock jumped more than 17% on the update. Shares of larger rival Tesla, in turn, are up more than 6% today. Like Rivian, the Elon Musk-led automaker posted second-quarter delivery numbers that topped analyst expectations.

Tesla shipped over 466,000 vehicles to customers in the three months ended June 19, significantly more than the 445,924 projected by the StreetAccount consensus estimate. Compared with the same time a year earlier, the company’s deliveries are up 10%.

Tesla sells two sedans and two SUVs, with each vehicle pair comprising a higher-end and a lower-end option. The company’s less expensive vehicles account for the bulk of its sales.

Tesla’s lower-end Tesla Model 3 sedan and Model Y SUV together accounted for 446,915 of the 466,000-plus vehicles it shipped during the second quarter, the company said Sunday. Its high-end Model S sedan and Model X SUV accounted for the rest. Tesla said 5% of vehicles it delivered during the quarter were provided to customers under a lease. 

The company released its quarterly vehicle delivery data alongside an update about its manufacturing operations. Tesla produced 480,000 vehicles in the second quarter, including 460,211 Model 3 sedans and Model Y SUVs. The remaining vehicles were Model S and Model X units.

Tesla hopes to expand its product portfolio with a fifth vehicle in the foreseeable future. The company plans to relaunch its first vehicle, the Tesla Roadster sports car, with a redesigned chassis, faster acceleration and several other enhancements. Production is reportedly expected to begin next year. 

Photo: Rivian