Rivian Automotive raised its full-year delivery guidance Thursday after second-quarter results came in ahead of expectations, while rival Lucid Group missed Wall Street targets and announced a leadership overhaul under its new chief executive, according to CNBC.
Rivian said it produced 12,613 vehicles and delivered 12,194 during the second quarter. That delivery total exceeded FactSet's analyst consensus of 11,000 units and topped the company's own prior outlook, which had called for between 9,000 and 11,000 deliveries in the quarter. The company now expects full-year 2026 deliveries of between 65,000 and 70,000 vehicles, up from a previous range of 62,000 to 67,000.
Rivian attributed the stronger quarter to demand for its electric delivery van and its flagship R1 products. The company also began delivering its midsize R2 SUV during the quarter. That vehicle is being produced at Rivian's sole manufacturing plant in Normal, Illinois, which has an annual capacity of 160,000 vehicles. Rivian is still in the early stages of ramping up R2 production there. The company is scheduled to report its full second-quarter financial results on July 30.
Rivian stock rose roughly 6% in early trading Thursday following the announcement.
Lucid had a different quarter. The company produced 4,774 vehicles and delivered 3,953, falling short of Wall Street's expectation of 5,000 deliveries. Along with the delivery numbers, Lucid announced a restructuring of its leadership team under CEO Silvio Napoli, who took over the company in June. The reorganization cuts the number of direct reports to the CEO in half, which Lucid said was intended to simplify its structure.
The most significant personnel change involved the company's chief financial officer. Lucid CFO Taoufiq Boussaid will depart after a transition 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.
Tesla, the dominant player in the US electric vehicle market, reported 480,126 deliveries for the second quarter, topping expectations. The company said its Model 3 sedan and Model Y SUV accounted for 467,762 of those deliveries. Tesla does not break out delivery numbers by region or individual model beyond that grouping.
The contrast between the three companies reflects a market still sorting itself out. Rivian is gaining ground with its commercial van business and expanding its consumer lineup. Lucid is restructuring while trying to scale production of its luxury vehicles. Tesla remains far ahead of both in volume, though it faces its own pressures in a competitive and politically charged EV landscape.
