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Rivian Automotive: Rivian Automotive and Lucid Group released their second-quarter delivery figures Thursday.
The results told two very different stories for the electric vehicle makers. Rivian beat expectations.
The company raised its full-year delivery guidance after seeing demand climb faster than anticipated.
Lucid, on the other hand, fell short of Wall Street's targets. The company also unveiled a major leadership overhaul under new CEO Silvio Napoli.
Rivian Raises Guidance, Shares Jump
Rivian now expects to deliver between 65,000 and 70,000 vehicles in 2026. That's up from its earlier forecast of 62,000 to 67,000 units.
Investors responded quickly. Rivian shares climbed about 6% in early Thursday trading.
The company produced 12,613 vehicles during the second quarter. It delivered 12,194 of them. Both figures beat expectations.
FactSet's analyst consensus had called for 11,000 deliveries. Rivian's own prior guidance projected just 9,000 to 11,000 units.
Rivian credited the strong quarter to its electric delivery van and its flagship R1 lineup. The company also began delivering its new midsize R2 SUV during the period.
Production of the R2 is ramping up at Rivian's plant in Normal, Illinois. That facility has capacity to build 160,000 vehicles per year.
Rivian is scheduled to release its full second-quarter financial results on July 30.
Lucid Misses Targets, Overhauls Leadership
Lucid's numbers moved in the opposite direction. The company produced 4,774 vehicles in the second quarter.
It delivered 3,953. Both figures landed below Wall Street's expectations. FactSet had projected 5,000 deliveries for the quarter.
The delivery report came alongside a leadership shake-up. Napoli, who took over the company in June, introduced a new organizational structure.
Lucid said the change is designed to simplify operations. It also cuts the number of executives reporting directly to the CEO by half.
The most significant change involves Lucid's finance chief. CFO Taoufiq Boussaid is departing the company.
He will hand off his duties to successor Alexander De Bock, who previously served as CFO at auto supplier TI Automotive.
Napoli addressed the restructuring in a company statement. He said the goal is to strengthen leadership, simplify the organization, and sharpen focus on customers, quality, and innovation.
Tesla Tops Expectations
Tesla, the industry leader, posted stronger results. The company reported 480,126 vehicle deliveries for the second quarter, beating analyst expectations.
Tesla does not break down deliveries by region or specific model.
However, the company noted that its Model 3 sedan and Model Y SUV together accounted for 467,762 of those deliveries.
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