Rivian production jumps in Q2, Ford sees boost in EV demand
Yahoo Finance's Pras Subramanian joins the Live show to discuss second-quarter production for Rivian as well as Ford's EV demand boost.
- Welcome back to Yahoo Finance Live, everyone. Rivian currently trading higher on the day. This after coming out with Q2 production numbers shares jumping by about 10%. Here to wrap up the latest from the auto world is Yahoo Finance's Pras Subramanian. Pras.
PRAS SUBRAMANIAN: Hey, Brett. So Rivian, big news today, produced 4,400 vehicles. That's a lot for them. Delivered 4,467 vehicles, which is actually nearly triple the Q1 amount. So they had a lot of production here, a lot of deliveries here.
Also, the big news here is they're actually reaffirming their 25,000 vehicle delivery target for 2022 which is actually kind of surprising given their problems they had with sourcing materials, getting production up to speed. The factory down in Illinois sort of hiccupping here and there. But a strong Q2 here.
Have they finally turned the corner? I think that's the big question a lot of people are asking. They have a long way to go to achieve their goals if they wanted to achieve a 10% global market goal for EV.
So long way to go there. But speaking of global EV sales and things like that, Ford also a strong June month, a strong Q2, actually, up compared to last year, whereas most automakers were down compared to last year.
But I want to highlight their sort of EV surge here. In June, they saw EV sales up 76% in June. They sold 1,800 of these Ford F-150 Lightning EV. So that's kind of ramping up too as well.
And lastly, their EV sales compared to last year in Q1, sorry, first half of this year versus second half, 77% this year versus last year. So really sort of seeing that EV wave come with Ford.
And Ford, at one time, was Rivian shareholder. Right? So that's kind of funny that now they're competing when they once actually were sort of partners.
- Important stock, indeed, Ford. Pras, glad you shot at that one.