Image source: Time
Rivian, the well-known electric truck maker, recently announced some good and bad news for its third-quarter earnings report.
The report comes after a brutal day for Rivian and other electric vehicle makers’ shares.
Revenue
Rivian reported a lower-than-expected adjusted loss of $1.4 billion, lower than the $1.7 billion loss forecast by Refinitiv analysts.
The report shows that net bookings increased from 98,000 to 114,000 in the second quarter.
However, $536 million in revenue, up 47% from the second quarter, fell short of analysts’ forecasts of $552 million.
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Other companies
The booking reservation was substantial after Lucid, another electric car maker, announced a surprise report on Tuesday evening.
Reservations for its electric vehicles fell to 34,000 from 37,000 last quarter.
The news sent shares of Lucid down 17% for the day.
It also sent shares of Rivian and Chinese electric vehicle maker Nio down 12% each during regular US hours.
Major electric vehicle maker Tesla’s shares also fell 7%.
However, Tesla shares may have been hurt by CEO Elon Musk’s decision to sell nearly $4 billion worth of Tesla stock since signing the deal to buy Twitter.
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Production
Rivian has stated its goal of increasing production to 25,000 cars this year.
The target is optimistic, as other automakers have had to cut their 2022 sales targets due to supply chain issues.
Rivian built more than 14,000 vehicles in the first three quarters.
Reaching the production target of 25,000 would mean a 45% increase in production in the last three months of the year compared to the 7,400 built last quarter.
Although Rivian intends to hit its 2022 target, it has pushed back its target date for the small R2 model to 2026.
The company previously predicted 2025 for the R2 launch.
Finally, Rivian stock fluctuated wildly in after-hours trading, gaining 3%, falling to trade slightly lower and rising 5%.
Reference:
Rivian has both good and bad news at end of tough day for EV stocks
