Rivian Automotive, Inc. (RIVN.US) shares experienced a significant rally on Thursday, with gains extending to 12.1% at the time of writing. The stock has shown strong momentum over the past week, climbing more than 23%.

The electric vehicle manufacturer reported second-quarter deliveries of 12,194 EVs, surpassing Wall Street expectations of approximately 10,600 units.

In a statement, the company also raised its full-year delivery outlook, now anticipating it will deliver between 65,000 and 70,000 vehicles this year.

Rivian indicated that it achieved robust quarter-over-quarter growth in sales of its commercial vans and R1 series electric vehicles, as its new R2 electric SUV begins to reach customers.