Shares of Rivian Automotive, Inc. (Nasdaq: RIVN) experienced a significant surge of over 17% following the release of its better-than-expected Q2 delivery figures.

During the second quarter of 2023, Rivian produced a total of 13,992 vehicles and delivered 12,640 vehicles, representing a substantial increase compared to the previous quarter, where 9,395 vehicles were produced and 7,946 vehicles were delivered. Analysts had projected 11,000 deliveries for the same period.

Rivian states that these results are in line with the company's expectations, indicating that it remains on track to achieve its annual production target of 50,000 vehicles, as previously communicated.

On Monday, $RIVN closed at $19.56, reflecting a notable gain of $2.90 or 17.41%.

In other news, Arrival (Nasdaq: ARVL) and Kensington Capital Acquisition Corp. V (NYSE: KCGI.U) have mutually agreed to terminate the business combination agreement that was signed on April 6, 2023.

With the termination of the agreement, Arrival now plans to explore other options for fundraising. To facilitate a smooth transition and seek alternative avenues for additional liquidity, the company has enlisted the support of TD Cowen and Teneo Financial Advisory.

$ARVL closed at $2.77 on Monday, up $0.19 (7.36%).

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