Electric vehicle makers took two different roads on Thursday. Rivian sped past expectations while Lucid hit a pothole. Rivian raised its yearly forecast. Lucid announced a leadership shake-up.
Rivian produced 12,613 vehicles in the second quarter and delivered 12,194 of them. That beat both its own forecast of 9,000 to 11,000 and Wall Street's estimate of 11,000.
Strong demand for the electric delivery van and premium R1 models contributed to these results. The company also started deliveries of its new midsize R2 SUV. Its plant in Normal, Illinois has capacity to produce 160,000 of those vehicles annually.
Rivian's stock rose about 6% in early trading Thursday.
The company's ability to exceed expectations stems from its focus on both commercial and consumer markets. The electric delivery van, built in partnership with Amazon, continues to see strong uptake, while the R1T pickup and R1S SUV attract a growing customer base. With the R2 now entering production, Rivian is positioned to capture demand in the more affordable midsize SUV segment, a key growth area. The Normal facility's 160,000-unit capacity for the R2 alone gives Rivian significant room to scale production without major new capital expenditure.
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Lucid's second quarter was a different story. It produced 4,774 vehicles but only delivered 3,953. That missed the 5,000 deliveries that analysts expected.
The miss comes as new CEO Silvio Napoli, who started in June, announced a leadership restructuring. Lucid's Chief Financial Officer Taoufiq Boussaid is leaving. Alexander De Bock will take over as CFO. He was previously CFO at automotive supplier TI Automotive.
Napoli said the changes aim to "simplify the organization, strengthen leadership, enforce accountability and align our structure with the priorities that matter most: customers, quality, and innovation." Under the new setup, the CEO will have half as many direct reports as before.
For context, Tesla reported 480,126 deliveries in the second quarter, with 467,762 being Model 3 sedans and Model Y SUVs.
Rivian's recent performance reflects its expanding product lineup, particularly the new R2 midsize SUV that began deliveries this quarter. Lucid, meanwhile, is in the midst of a restructuring under new leadership as it tries to recover from weaker-than-expected demand. The broader EV market remains fiercely competitive, with Tesla continuing to dominate by a wide margin.
Rivian's R2 arrives at a time when consumers are increasingly looking for affordable electric SUVs, giving the company a strong foothold in a segment that analysts expect to grow rapidly. Meanwhile, Lucid's focus on the high-end luxury sedan market limits its volume potential, making its restructuring and upcoming Gravity SUV crucial for broader market reach.
Rivian is scheduled to announce its Q2 financial figures on July 30.
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