Rivian Automotive RIVN +6.64% gave investors an update on production that quickly sent the stock higher Wednesday. The company’s numbers show it has sold more electric pickup trucks than truck giant Ford Motor F +5.33% .
For the second quarter, Rivian (ticker: RIVN) produced 4,401 vehicles at its plant in Normal, Ill., and delivered 4,467 during the same period.
Rivian delivered a bit more than 1,200 vehicles in the first quarter and produced 2,553 units, so the second-quarter figures mean sales grew 264% and production jumped about 72%.
The company added in its release that it is on track to deliver 25,000 vehicles in 2022. That is the same as the forecast management gave in its first-quarter earnings report.
Rivian has sold about 6,600 electric pickup trucks since it started delivering vehicles a few quarters ago. For now, it has the lead on Ford , which has sold about 2,300 electric F-150 Lightning pickups through June. Rivian, however, had a head start of a few months. Ford delivered 1,837 Lightnings in June.
Rivian shares gained 10.4% Wednesday, closing at $29.66 a share. The S&P 500SPX +1.50% and Dow Jones Industrial AverageDJIA +1.12% rose 0.4% and 0.2%, respectively.
Wall Street, along with investors, appear pleasantly surprised by Rivian’s update.