electric car manufacturers Rivian Automotive and lucid group The company reported second-quarter deliveries on Thursday, with mixed results.
Rivian raised its 2026 delivery forecast after stronger-than-expected demand for electric vehicles in the second quarter, while Lucid fell short of Wall Street expectations and new CEO Silvio Napoli announced a shake-up of its management team.
Rivian said it expects to deliver between 65,000 and 70,000 units this year, up from its previous forecast of 62,000 to 67,000 units.
Rivian stock rose about 6% in early trading Thursday.
Rivian, Lucid, Tesla stock
Rivian announced Thursday that it produced 12,613 vehicles and delivered 12,194 in the second quarter. Deliveries in the second quarter exceeded the FactSet analyst consensus of 11,000 vehicles and the company’s previous forecast, which had called for 9,000 to 11,000 EV deliveries.
Rivian, which is scheduled to report second-quarter results on July 30, said second-quarter delivery growth was driven by electric delivery vans and its flagship R1 product.
The company also began deliveries of the R2 mid-size SUV during the quarter. The company is ramping up production of the vehicle at its only production plant in Normal, Illinois, which has the capacity to produce 160,000 vehicles annually.
Lucid reported producing 4,774 vehicles and delivering 3,953 vehicles in the second quarter. Deliveries fell short of Wall Street’s expectations of 5,000 units, according to FactSet.
Coinciding with the delivery, the company announced a new management team under the direction of Napoli, who began overseeing the company in June. Lucid said the new format aims to “simplify the company’s structure” and halve the number of people reporting directly to the CEO.
Most notably, Lucid’s chief financial officer, Taoufiq Boussaid, is leaving the company after handing over to his successor Alexander De Bock, who most recently served as CFO of auto supplier TI Automotive.
“We are simplifying our organization, strengthening our leadership, ensuring accountability, and aligning our organization with our most important priorities: customers, quality, and innovation,” Napoli said in the release.
EV leader teslaMeanwhile, the company reported that the number of vehicles delivered in the second quarter was 480,126 units, which exceeded expectations. The company did not release exact delivery numbers by region or individual model, but said the entry-level Model 3 sedan and the most popular Model Y SUV accounted for 467,762 units.
—CNBC’s Lora Kolodny contributed to this report.
