Rivian Delivers Record 19,248 Vehicles in Q3, Beating Estimates
RIVN sits 20% above its 52-week low of $12.39.
Summary
Rivian delivered a record 19,248 vehicles in Q3, beating the Visible Alpha consensus of 18,001 by about 7% and up 45% from last year. Production came in at 19,751 units, and the company reaffirmed its full-year delivery guidance of 65,000-70,000 vehicles. This is the first hard quarterly delivery number since the R2 began shipping in June, and it confirms the cheaper SUV is ramping as planned. The beat matters because R2 is the linchpin of Rivian's mass-market strategy amid a tough EV policy environment. Q3 financial results are due October 29, which will show whether the delivery strength translated into improved margins.
Updates
· Dow Jones Newswires — Rivian shares fell 3.2% to $14.29 in morning trading despite the beat and maintained guidance.
At the time of this announcement, RIVN was trading at $14.82 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $21.4B. The 52-week trading range was $12.39 to $22.69. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.