Not only Tesla, Rivian Automotive delivered better-than-expected results in the second quarter, with its stock price soaring more than 17%.

On Monday, July 3rd, Rivian Automotive, an American electric vehicle manufacturer supported by Amazon, announced its second-quarter vehicle delivery data. The company delivered 12,640 vehicles, a 59% increase compared to the previous quarter, surpassing the market's expectation of 11,000 vehicles. As a result, the company's stock price opened high and rose by 17.41%, closing at $19.56. The positive momentum continued after hours.

The automaker, known for producing electric R1T pickups and R1S SUVs for consumers, also reiterated its annual production target of 50,000 vehicles.

In the second quarter of this year, Rivian Automotive produced a total of 13,992 vehicles, with approximately 23,400 vehicles produced in the first half of the year.

Unlike Tesla, Rivian Automotive experienced a continuous decline in its stock price after an initial surge in the first month and a half. However, since late June, the stock price has sharply risen and is gradually approaching the year's high in February.

However, Rivian Automotive's electric vehicle production cycle is still longer than market expectations. The company is also making efforts to reduce expenses and save cash.

Just the day before, Tesla announced its second-quarter production and delivery data, which set new historical records. Benefiting from several price reductions and federal electric vehicle tax incentives, Tesla delivered over 466,100 vehicles to global customers, an 83% increase compared to the same period last year. The second-quarter vehicle production reached 479,700 units, an 85.5% increase year-on-year. Following this news, Tesla's stock price rose by 6.9% on Monday, bringing its year-to-date gain close to 160%.

For investors who are optimistic about electric vehicle stocks and emerging car manufacturers, the better-than-expected delivery volumes from both companies are positive signs. Even the stock prices of electric vehicle startups like Lucid and Canoo, which have been struggling, have risen following the announcement of delivery numbers by Tesla and Rivian Automotive. In addition to electric vehicles, traditional car manufacturers also brought good news.

On Monday, the European and American multinational automotive giant Stellantis also announced its sales performance for the second quarter. Driven by the continuous increase in sales of its Chrysler Pacifica, Jeep Compass, and Dodge Durango SUV models, the company's new car sales in the United States increased by 6.4% compared to the same period last year. However, the growth rate of the company's new car sales may be relatively low. Some analysts believe that the growth rate of new car sales in the entire US industry in the second quarter of this year will be between 16% and 18%.

Market analysis suggests that the increase in the company's new car sales is another sign of the rebound in new car demand, indicating an improvement in the inventory of the US automotive industry from its historical low during the COVID-19 pandemic and supply chain issues.

Jeff Kommor, Stellantis' US sales director, said:

As the market conditions continue to improve, our dealer network has made necessary adjustments to drive the sales growth of our brand portfolio. We have seen an increase in demand this quarter.