Electric vehicles have beeb making a comeback -- sort of.

Rivian stock rose Thursday after the electric-vehicle start-up reported better-than-expected second-quarter deliveries, prompting the company to raise its full-year outlook.

Rivian on Thursday reported second-quarter deliveries of 12,194 vehicles, up from 10,661 delivered a year ago. Wall Street was looking for about 11,000 vehicles.

Now, the company is looking to deliver 65,000 to 70,000 cars in 2026, up from prior guidance of 62,000 to 67,000. Wall Street projects 64,000 vehicles.

Rivian stock was up 7.9% at $18.53, while the S&P 500 and Dow Jones Industrial Average were up 0.6% and 0.8%, respectively.

Rivian's solid numbers come as Tesla reported second-quarter sales of 480,126 vehicles, well above the 406,000 Wall Street analysts projected.

Part of the reason for the rebound was gasoline. Benchmark prices reached $4.60 a gallon in May, up about $1.60 after the war in Iran disrupted global oil supplies.

Still, selling EVs has been a struggle since the loss of the $7,500 federal EV purchase tax credit in September, which made EVs less affordable for American car buyers.

The gas-price-induced rebound didn't impact everyone equally. General Motors sold about 29,000 EVs in the second quarter, down 37% year over year. GM, however, sells to dealers. Rivian and Tesla sell directly to end consumers so there could be a lag in GM data.

Overall, EV penetration of new car sales in the U.S. remains between roughly 5% and 10%. That isn't likely to change. That doesn't mean, however, that there is no room for Rivian and Tesla to grow.

Coming into Thursday, Rivian stock has fallen 13% this year but has gained 33% over the past 12 months.

Write to Al Root at allen.root@dowjones.com

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July 02, 2026 09:51 ET (13:51 GMT)

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