Electric vehicle makers Rivian Automotive and Lucid Group reported second-quarter delivery results Thursday with mixed results.
Rivian raised its 2026 delivery guidance range after seeing stronger-than-expected demand for its electric vehicles during the second quarter, while Lucid missed Wall Street expectations and its new CEO Silvio Napoli announced a shake-up of the company’s leadership team.
Rivian said it now expects to deliver between 65,000 and 70,000 vehicles this year, up from a prior forecast of between 62,000 and 67,000 units.
Rivian stock rose roughly 6% in early trading Thursday.
Rivian, Lucid and Tesla stocks
Rivian also said Thursday it produced 12,613 vehicles and delivered 12,194 units during the second quarter. The second-quarter deliveries are higher than FactSet’s analyst consensus of 11,0000 units and the company’s previous outlook, which called for delivering between 9,000 and 11,000 EVs.
Rivian, which will report its second-quarter financial results July 30, said higher deliveries during the second quarter were driven by its electric delivery van and flagship R1 products.
The company also started delivering its midsize R2 SUV during the quarter. It’s ramping up production of that vehicle at its sole production plant in Normal, Illinois, which has capacity to produce 160,000 of the vehicles annually.
Lucid reported producing 4,774 vehicles and delivering 3,953 vehicles during the second quarter. The deliveries were below Wall Street’s expectations of 5,000 units, according to FactSet.
Along with the deliveries, the company announced a new leadership team under Napoli, who started overseeing the company in June. Lucid said the new format is meant to “simplify the company’s structure” and cuts the number of direct reports to the CEO in half.
Most notably, Lucid Chief Financial Officer Taoufiq Boussaid will leave the company after a handover to his successor, Alexander De Bock, who most recently served as CFO of automotive supplier TI Automotive.
“We are simplifying the organization, strengthening leadership, enforcing accountability and aligning our structure with the priorities that matter most: customers, quality, and innovation,” Napoli said in a release.
EV leader Tesla, meanwhile, reported 480,126 vehicle deliveries for second quarter, topping expectations. The company doesn’t break out exact delivery numbers by region or individual model, but it said its entry-level Model 3 sedan and most popular Model Y SUVs accounted for 467,762.
— CNBC’s Lora Kolodny contributed to this report.
