Rivian Automotive on Monday reported document third-quarter electrical car deliveries and mentioned it stays on monitor to provide 52,000 EVs in 2023.
The corporate mentioned it delivered 15,564 automobiles in the course of the interval, up 23% from the second quarter of 2023 and forward of Wall Avenue estimates. Analysts surveyed by FactSet had anticipated Rivian to ship about 14,000 automobiles within the quarter, on common.
Shares of the EV maker, nevertheless, fell 4% in premarket buying and selling after the report.
Rivian produced 16,304 automobiles in the course of the third quarter, all at its manufacturing facility in Regular, Illinois.
Rivian additionally confirmed that it stays on monitor to construct 52,000 automobiles in 2023, consistent with its earlier steerage to buyers. Rivian at the moment builds a sequence of supply vans for Amazon in addition to its personal R1T pickup and R1S SUV. All are totally electrical automobiles.
Rivian took a number of steps earlier this yr to scale back spending and bolster its stability sheet, together with a 6% workers discount in February and a $1.3 billion sale of convertible notes in March. The corporate additionally delayed the launch of its upcoming smaller R2 car platform to 2026, from 2025. It had $10.2 billion in money readily available as of June 30, its most up-to-date replace.
Rivian will announce its third-quarter earnings consequence after the U.S. markets shut on Nov. 7.