The Rivian name is shown on certainly one of the corporate’s latest electric SUV vehicles in San Diego, California, Dec. 16, 2022.
Mike Blake | Reuters
Rivian Automotive on Monday reported record third-quarter electric vehicle deliveries and said it stays heading in the right direction to provide 52,000 EVs in 2023.
The corporate said it delivered 15,564 vehicles in the course of the period, up 23% from the second quarter of 2023 and ahead of Wall Street estimates. Analysts surveyed by FactSet had expected Rivian to deliver about 14,000 vehicles within the quarter, on average.
Shares of the EV maker, nonetheless, fell 4% in premarket trading after the report.
Rivian produced 16,304 vehicles in the course of the third quarter, all at its factory in Normal, Illinois.
Rivian also confirmed that it stays heading in the right direction to construct 52,000 vehicles in 2023, in keeping with its previous guidance to investors. Rivian currently builds a series of delivery vans for Amazon in addition to its own R1T pickup and R1S SUV. All are fully electric vehicles.
Rivian took several steps earlier this 12 months to scale back spending and bolster its balance sheet, including a 6% staff reduction in February and a $1.3 billion sale of convertible notes in March. The corporate also delayed the launch of its upcoming smaller R2 vehicle platform to 2026, from 2025. It had $10.2 billion in money readily available as of June 30, its most up-to-date update.
Rivian will announce its third-quarter earnings result after the U.S. markets close on Nov. 7.