Rivian (RIVN) Q3 2023 shipments surpass

Rivian (RIVN) Q3 2023 deliveries outperform

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The Rivian name is revealed on among the business’s brand-new electrical SUV lorries in San Diego, California,Dec 16, 2022.

Mike Blake|Reuters

Rivian Automotive on Monday reported record third-quarter electrical lorry shipments and stated it stays on track to produce 52,000 EVs in2023

The business stated it provided 15,564 lorries throughout the duration, up 23% from the 2nd quarter of 2023 and ahead of Wall Street price quotes. Analysts surveyed by FactSet had actually anticipated Rivian to provide about 14,000 lorries in the quarter, usually.

Shares of the EV maker, nevertheless, fell 4% in premarket trading after the report.

Rivian produced 16,304 lorries throughout the 3rd quarter, all at its factory in Normal, Illinois.

Rivian likewise verified that it stays on track to construct 52,000 lorries in 2023, in line with its previous assistance to financiers. Rivian presently constructs a series of shipment vans for Amazon in addition to its own R1T pickup and R1S SUV. All are completely electrical lorries.

Rivian took numerous actions previously this year to decrease costs and strengthen its balance sheet, consisting of a 6% personnel decrease in February and a $1.3 billion sale of convertible notes inMarch The business likewise postponed the launch of its upcoming smaller sized R2 lorry platform to 2026, from2025 It had $102 billion in money on hand since June 30, its latest upgrade.

Rivian will reveal its third-quarter profits outcome after the U.S. markets close onNov 7.