Electrical-vehicle startup Rivian Automotive mentioned it produced greater than 4,000 autos within the second quarter and that it stays on monitor to construct 25,000 autos in 2022.

Shares of Rivian had been up about 10% in morning buying and selling at $29.53.

Rivian mentioned in a press release that it produced 4,401 of its electrical R1T pickups and R1S SUVs within the quarter and that 4,467 autos had been delivered to prospects within the interval. The corporate did not escape manufacturing or deliveries by mannequin.

The corporate mentioned final 12 months in its IPO roadshow that it anticipated to construct 50,000 autos in 2022. But it surely minimize that steering by half in March, saying that ongoing international supply-chain points had “added a layer of complexity” to its efforts to ramp up manufacturing. The corporate mentioned Wednesday it nonetheless expects to make 25,000 autos this 12 months.

Though nonetheless small, the marketplace for electrical pickups is anticipated to develop quickly over the subsequent few years. Ford Motor mentioned Tuesday that it bought 1,837 of its electrical F-150 Lightnings in June and that it has bought 2,296 in complete since starting manufacturing in late Could.

From the start of manufacturing in late 2021 by the tip of June, Rivian produced a complete of seven,969 autos.