- Rivian Automotive on Monday reported record third-quarter electric vehicle deliveries and said it remains on track to produce 52,000 electric vehicles in 2023.
- Rivian produced 16,304 vehicles in the third quarter, all at its plant in Normal, Illinois.
- Rivian made several moves earlier this year to reduce spending and strengthen its balance sheet, including a 6% workforce reduction in February and a $1.3 billion sale of convertible bonds in March.
The Rivian name is seen on one of the company’s new electric SUV vehicles on December 16, 2022 in San Diego, California.
Mike Blake | Portal
Rivian Automotive on Monday reported record third-quarter electric vehicle deliveries and said it remains on track to produce 52,000 electric vehicles in 2023.
The company said it delivered 15,564 vehicles in the period, up 23% from the second quarter of 2023 and above Wall Street estimates. Analysts polled by FactSet had expected Rivian to deliver an average of about 14,000 vehicles in the quarter.
However, shares of the electric vehicle maker fell 4% in premarket trading following the report.
Rivian produced 16,304 vehicles in the third quarter, all at its plant in Normal, Illinois.
Rivian also confirmed that the company remains on track to build 52,000 vehicles in 2023, in line with its previous guidance to investors. Rivian currently builds a line of delivery trucks for Amazon, as well as its own R1T pickup and R1S SUV. All are fully electric vehicles.
Rivian made several moves earlier this year to reduce spending and strengthen its balance sheet, including a 6% workforce reduction in February and a $1.3 billion sale of convertible bonds in March. The company has also postponed the launch of its upcoming smaller R2 vehicle platform from 2025 to 2026. As of June 30, the last update, the company had $10.2 billion in cash on hand.
Rivian will report its third-quarter earnings results after U.S. markets close on November 7.