Rivian Automotive on Monday reported document third-quarter electrical automobile deliveries and mentioned it stays on observe to supply 52,000 EVs in 2023.
The corporate mentioned it delivered 15,564 automobiles through 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.
Rivian produced 16,304 automobiles through the third quarter, all at its manufacturing facility in Regular, Illinois.
Shares had been up about 1% as of midday ET on Monday.
The corporate additionally confirmed that it stays on observe to construct 52,000 automobiles in 2023, according to its previous guidance to investors. Rivian at the moment builds a collection of supply vans for Amazon in addition to its personal R1T pickup and R1S SUV. All are absolutely electrical automobiles.
Rivian took a number of steps earlier this yr to cut back spending and bolster its steadiness sheet, together with a 6% staff reduction in February and a $1.3 billion sale of convertible notes in March. The corporate additionally delayed the launch of its upcoming smaller R2 automobile 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 outcome after the U.S. markets shut on Nov. 7.
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