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.
The news sent shares of Lucid (LCDX) down 17% for the day and helped push shares of Rivian and Chinese electric vehicle maker Nio (NIO) down 12% each in regular US trading hours. -United.
Leading electric vehicle maker Tesla (TSLA) also saw its shares fall 7%, although that may well have been influenced more by news that CEO Elon Musk had sold nearly $4 billion worth of stock. Tesla (TSLA) since closing the deal to buy Twitter two weeks ago
Rivian also reaffirmed its goal to increase production to build 25,000 vehicles this year, a bullish target for other automakers including Tesla, which had to cut their sales targets for the year due to chain issues. supply.
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%.