Electric vehicle maker Rivian Automotive, Inc. (RIVN.US) has provided a positive signal by raising its full-year delivery outlook, coinciding with the start of customer deliveries for its more affordable SUV model, which is considered crucial to the company's future.

In a statement released on Thursday, the company now anticipates delivering between 65,000 and 70,000 vehicles this year. The midpoint of this range surpasses Wall Street analyst expectations of approximately 63,000 units.

Rivian reported robust quarter-over-quarter growth in sales of its commercial vans and R1 lineup of electric vehicles as it began selling its new R2 electric SUV. The EV manufacturer delivered 12,194 electric vehicles in the second quarter, exceeding Wall Street's estimate of around 10,600 and marking an improvement following several quarters of fluctuating sales.

Production of 12,013 vehicles also exceeded expectations. This optimistic outlook provides a much-needed boost for the automaker, which has previously been contending with rising costs, supply chain issues, and a slowdown in demand for electric vehicles, particularly in the United States.

Last month, Rivian eliminated hundreds of positions, the latest in a series of job cuts announced over the past year aimed at controlling expenses.

The company recently commenced sales of its newest model, the R2 SUV, aiming to capture a larger market share with a vehicle that is smaller and more affordable than its flagship trucks and SUVs. The automaker also produces delivery vans, primarily for e-commerce giant Amazon.com Inc., one of its largest shareholders.

The new R2 SUV lineup is widely viewed as pivotal to Rivian eventually achieving profitability. The first R2 models start at nearly $58,000, which is about $13,000 more than the entry-level version Rivian previously stated would launch later next year.

Nonetheless, the vehicle's price remains significantly lower than that of the R1 SUV and truck models, which can exceed $100,000.