Rivian Shares Soar on Signs the EV Maker Has Turned a Corner

Rivian Automotive Inc. is finally starting to realize the potential that investors saw in the electric-vehicle manufacturer back when it staged one of the largest initial public offerings ever.

The maker of plug-in pickups, SUVs and delivery vans is coming off its best week since its November 2021 debut — the shares soared 48% after the company reported better quarterly production than expected and started shipping hundreds of vehicles to Europe for Amazon.com Inc., its biggest shareholder.

Chief Executive Officer RJ Scaringe still has a long way to go: Tesla Inc. built 34 vehicles for every one that Rivian assembled last ...