Shares of Rivian Automotive jumped greater than 16% in early buying and selling Monday after the electrical car maker beat Wall Avenue expectations for quarterly deliveries.

Rivian on Monday reported 12,640 car deliveries through the second quarter, up 59% from the earlier quarter and topping analyst expectations of 11,000 autos, based on analyst estimates compiled by FactSet.

The automaker, which makes electrical R1T pickups and R1S SUVs for customers, additionally reiterated its annual manufacturing goal of fifty,000 models. Rivian produced roughly 23,400 autos by the second quarter, together with electrical supply vans and client fashions.

The rise in share value Monday pushes Rivian’s inventory into the inexperienced for the primary time since late February. The inventory is now up almost 3% in 2023.

The corporate has taken longer than anticipated to construct its EVs. It has additionally labored to scale back its spending to preserve money.

Rivian’s outcomes come a day after EV chief Tesla mentioned it delivered 466,140 autos globally through the second quarter, additionally topping analyst expectations.

The higher than anticipated deliveries for each automakers are good indicators for buyers who’re bullish on EV shares and adoption of the rising autos.

Shares of embattled EV startups comparable to Lucid, Nikola and others rose after Tesla and Rivian reported supply numbers.