Electric truck maker Rivian delivered a mixed bag to investors in its third-quarter earnings report, after a brutal day for its shares and those of other electric vehicle makers.
On the one hand, Rivian reported a lower-than-expected adjusted loss of $1.4 billion, less than the $1.7 billion loss forecast by analysts polled by Refinitiv. And it said net bookings fell from 98,000 to 114,000 in its second-quarter report.
But its revenue of $536 million, though up 47% from second-quarter revenue, fell short of analysts’ revenue forecast of $552 million.
The increase in reservations was notable after electric car maker Lucid announced on Tuesday evening that the number of reservations for its electric vehicles fell to 34,000 from 37,000 in the previous quarter’s report.
Tesla, the first manufacturer of electric vehicles
(TSLA) also saw shares fall 7%, although this may well have been more influenced by news that CEO Elon Musk had sold nearly $4 billion worth of Tesla
(TSLA) sharing since he closed the deal to buy Twitter two weeks ago.
Rivian also reaffirmed its goal of ramping up production to build 25,000 vehicles this year, a bullish target as other automakers, including Tesla, have had to reduce sales targets for the year due to supply chain issues.
In the first three quarters of this year, Rivian built just over 14,000 vehicles, so hitting the production target of 25,000 for the year would mean a 45% increase in production over the last three months. of the year compared to the 7,400 it built in the just quarter ended.
But while it says it remains on track to hit that 25,000 target for 2022, it has pushed back its target date for the availability of its smaller R2 model to 2026. It had previously planned a 2025 rollout. for this model.
Shares of Rivian swung sharply on the report in after-hours trading, first gaining 3%, then falling to trade slightly lower, then rising 5%.