EV Deliveries Exceed Expectations

Tesla and Rivian exceed Q3 delivery expectations as electric vehicle sales rebound

Tesla and Rivian have surpassed expectations on electric vehicle deliveries over the past three months, indicating that high gas prices may be boosting EV demand. The companies delivered 486,532 vehicles in Q3, 1.3% more than the second quarter, and exceeding average analyst expectations of about 462,000 units. Rivian delivered 19,248 vehicles in the same period, up from 12,194 over the prior three months and exceeding FactSet expectations of 18,000. Both companies' shares rose in early trading. Despite these gains, overall EV sales are still down from a year ago and industry-wide sales were also down year over year. Toyota reported that sales of its hybrid vehicles increased by 29.2% in Q2, compared to the previous year.