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Rivian (RIVN) Q3 2023 deliveries outperform

Rivian Automotive on Monday reported file third-quarter electrical car deliveries and mentioned it stays on monitor to supply 52,000 EVs in 2023.

The corporate mentioned it delivered 15,564 autos through the interval, up 23% from the second quarter of 2023 and forward of Wall Road estimates. Analysts surveyed by FactSet had anticipated Rivian to ship about 14,000 autos within the quarter, on common.

Shares of the EV maker, nonetheless, had been down about 3% on Monday morning.

Rivian produced 16,304 autos through the third quarter, all at its manufacturing unit in Regular, Illinois.

The corporate additionally confirmed that it stays on monitor to construct 52,000 autos in 2023, in step with 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 autos.

Rivian took a number of steps earlier this 12 months to scale back spending and bolster its stability 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 car platform to 2026, from 2025. It had $10.2 billion in money available as of June 30, its most up-to-date replace.

Rivian will announce its third-quarter earnings end result after the U.S. markets shut on Nov. 7.

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