Rivian Automotive (NASDAQ: RIVN) stock is up more than 97% in 2023, even though the company faces a number of challenges, including supply chain disruptions and rising costs.
The stock rally began in June after Rivian reported strong second-quarter deliveries. The company delivered 12,640 vehicles in the quarter, far exceeding analyst expectations. Rivian also raised its full-year production guidance to 52,000 vehicles, nearly double last year’s production.
The stock rally has continued despite the fact that Rivian is still losing money. The company reported a net loss of $1.59 billion in the second quarter.