Monday Rivian Cars report Electric vehicle deliveries hit a record high in the third quarter, and the company said it is still on track to produce 52,000 electric vehicles in 2023.
The company said it delivered 15,564 vehicles during the period, an increase of 23% from the second quarter of 2023 and higher than Wall Street expectations. Analysts polled by FactSet had expected Rivian to deliver an average of about 14,000 vehicles this quarter.
However, the electric vehicle maker’s shares were down about 3% on Monday morning.
Rivian produced 16,304 vehicles in the third quarter, all built at its plant in Normal, Illinois.
The company also confirmed it is still on track to produce 52,000 vehicles in 2023, in line with previous guidance provided to investors. Rivian currently makes a range of delivery vans Amazon As well as its own R1T pickup truck and R1S SUV. All are pure electric vehicles.
Rivian took several steps earlier this year to reduce spending and improve its balance sheet, including cutting 6% of its workforce in February and selling $1.3 billion in convertible notes in March. The company has also pushed back the launch of its upcoming small R2 car platform from 2025 to 2026. As of June 30 (its most recent update), the company had $10.2 billion in cash on hand.
Rivian will announce third-quarter earnings results on November 7 after the U.S. stock market closes.
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