There's good reason why Rivian Automotive (NASDAQ: RIVN) shares are soaring to start the holiday-shortened trading week. As of 11 a.m. ET, Rivian stock was higher by 12.6% after starting the day up by as much as 16.4%.

Rivian shares are down by more than 80% since the start of 2022. That's because the company disappointed investors when it cut its production goal in half early last year. But Rivian said it expected to rebound from its production struggles, and the market is rewarding it today after it just reported second-quarter deliveries that soared 60% over the first quarter. 

Rivian said it delivered 12,640 of its electric pickup trucks, SUVs, and delivery vans in the second quarter. It also produced almost 14,000 and reiterated it is on track to produce 50,000 electric vehicles (EVs) for the year. 

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Source Fool.com