Rivian Automotive reported better-than-expected third-quarter income on Tuesday and raised its manufacturing forecast for the total 12 months by 2,000 automobiles to 54,000 models.
Shares of Rivian, which closed 1.4% larger, rose greater than 3% in prolonged buying and selling.
The electrical-vehicle maker additionally mentioned it is going to finish its exclusivity deal to largest shareholder Amazon for its electrical supply van, opening the door for extra clients world wide
Rivian added it was talking with extra clients who’re within the Rivian Business Car platform, which underpins its electrical supply vans, and reiterated its dedication to fulfilling the order of 100,000 vans to Amazon by 2030.
The corporate had beforehand mentioned gross sales of its higher-priced SUV have been strongly outpacing R1T and has began to appreciate the results of its worth hikes from March final 12 months, enhancing the typical promoting worth of its automobiles.
Rivian had reported third-quarter deliveries above market expectations final month.
The corporate has stayed away from chopping costs and has as a substitute taken to creating its Enduro powertrains in-house to cut back its dependency on suppliers and slash prices, a transfer broadly appreciated by traders and analysts.
Lucid cuts manufacturing forecast
Lucid Group mentioned on Tuesday it now expects to provide 8,000–8,500 automobiles this 12 months from its earlier projection of greater than 10,000 models.
The corporate mentioned it was chopping manufacturing forecast “to prudently align with deliveries”.
Shares of the corporate fell 4% in prolonged buying and selling.
The corporate reported third-quarter income of $137.8 million in contrast with analysts’ estimates of $183.8 million, in accordance with LSEG.
Income for the July-September interval stood at $1.34 billion, in contrast with Wall Avenue estimates of $1.33 billion, in accordance with LSEG knowledge.
The corporate reported a internet lack of $1.37 billion for the third quarter, in contrast with a lack of $1.72 billion a 12 months earlier.
Money and money equivalents on the finish of the September quarter had been $7.94 billion, in contrast with $9.26 billion within the previous three-month interval.
