By Chibuike Oguh
NEW YORK (Reuters) -Shares of Rivian Automotive surged more than 18% on Friday as it continued to rally after the electric vehicle (EV) maker reported better-than-expected quarterly deliveries early this week.
Rivian said on Monday it delivered 12,640 vehicles in the second quarter on steady demand from customers, beating market estimates. That result was in line with that of market leader Tesla Inc, which on Sunday reported record quarterly vehicle deliveries fueled by incentives such as prices cuts and U.S. federal credits.
The shares of several EV makers have risen since last week on market expectations of strong quarterly delivery reports.
Rivian set a record daily trading volume on Friday, with more than 180 million shares changing hands, according to Refinitiv. The stock is currently popular among retail investors, being the second most actively traded stock after Tesla on Fidelity’s customer platform and it is among the top trending equities on social media site…
2023-07-07 12:04:34
Article from finance.yahoo.com
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