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EV maker Rivian is beating revenue estimates thanks to increased shipments.


In recent months, the company has begun to overcome supply chain issues and semiconductor shortages that have reduced its ability to meet the surge in demand for electric vehicles.

Rivian reiterated its annual production forecast of 25,000 units and said it plans to add a second shift for vehicle assembly at its Normal, Ill., plant towards the end of the third quarter.

In the second quarter ended June 30, the EV maker delivered 4,467 vehicles, compared to 1,227 units in the previous three months.

The company said it received around 98,000 pre-orders for its R1S SUV and R1T pickup truck.

Revenue rose to $364 million in the second quarter, compared with $337.5 million expected by analysts, according to IBES data from Refinitiv.

Net loss widened to $1.71 billion from $580 million a year earlier.



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